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income tax

ranjit (Student) (103 Points)

14 October 2007

What is the difference between advance tax & self assessment tax.For which companies tax audit is mandatory.

ranjit

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7 Replies

Late CA Sampat Jain (Chartered Accountant) (4772 Points)
Replied 14 October 2007

Advance Tax is tax paid in advance u/s 210 of IT Act Self Asst Tax is tax paid along with return for balance tax payable u/s 140A

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CA.Saibaburao Nanduri (Chartered Accountant) (3847 Points)
Replied 14 October 2007

Dear ranjit ! Assesses doing business whose turnover is Rs.40 lakhs and above are liable for Tax Audit under section 44 AB.

ravi sankar (Chartered Accountant) (157 Points)
Replied 14 October 2007

Also even if the turnover is less than that prescribed, A it RETURN INDICATING NET LOSS BEFORE CHAPTER VI DEDUCTIONS, auditors certificate is necessary. Am I correct

D.Durga Prasad (CA - Student) (78 Points)
Replied 15 October 2007

Dear Sir, I have paid the Advance income tax during the financial year 2005-2006. In this year i am not liable to pay income tax. In this case shall i adjust that advance income tax in the fringe benfit tax payble in the same year

D.Durga Prasad (CA - Student) (78 Points)
Replied 15 October 2007

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Ramakrishna (Financial Executive) (438 Points)
Replied 16 October 2007

It is not possible at your end since the FBT is payable in a seperate challan format ITNS 282. Only way of getting the tax paid as advance tax is to seek the refund of the same after furnishing the details through the IT return. FBT should be paid seperately.