What is the difference between advance tax & self assessment tax.For which companies tax audit is mandatory.
ranjit
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income tax
Replies (7)
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
Dear ranjit !
Assesses doing business whose turnover is Rs.40 lakhs and above are liable for Tax Audit under section 44 AB.
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
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
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
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.
NO you cant adjust the advance income tax paid againtst your liability of FBT
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