A company closes its books on 31st march and takes provision for tax, I want to know when does a company pay corporate tax to the tax authority(which month) ??
Thanks in advance Chandru
Giridhar S Karandikar
(Team Lead)
(7543 Points)
Replied 19 March 2013
Corporates are required to pay their income-tax by way of advance tax in four installments on or before 15th of June, Sept,Dec & Mar. The corporate has to assess its estimated tax liability for teh year and accordingly pay the advance tax in installments. AS of 31st MArch the provision for tax is to be made.
At the time of filing the retunr of income, the corporate has to assess its actual tax liability. From the tax liability so assessed Advance Tax paid in the F.Y. and TDS if any made shall be reduced from the tax liability. If there is any deficit then the self asst tax is to be paid before filing the return. If there's refund then the same shud be claimed by filing the return.
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