For filling itr 1 form 16 necessary
Dipankar Chakraborty (407 Points)
18 November 2016Dipankar Chakraborty (407 Points)
18 November 2016
saurabh kumar
(Tax Consultant)
(348 Points)
Replied 18 November 2016
1. Yes since no TDS no need of form 16
2. Yes Rs. 7500 pm per vehicle for each month for which assessee has been the owner(partial month is taken as whole)
3. Advance tax is applicable only when Tax payable exceeds Rs. 10000 for a particular F.Y.
(as per the current data it seems not to be applicable )
Even if any advance tax liability occurs(due to business/professional income) in for A.Y. 2017-18 ,and assessee has adopted presumptive scheme ,he/she has to pay tax or before 15th March.However tax paid up to 31st march will also be deemed to be advance tax.