s.lohani (Final student) (1050 Points)
29 October 2009a) Briefly discuss the provisions relating to payment of advance tax on income arising from capital gains and casual income.(plz just give an idea and a clarification).
b)How is exemption granted by section 10(10CC) in respect of income tax paid paid by employer?
c)taxability of gifts(all types)
Questions are of nov07;pcc.Plz don't copy the answers of suggested answers. i didn understand that that's why i am asking here. sai ram
A) 1-Advance tax is payable in financial year
2-advance tax amt calculated as under..
estimated income of the year----
tax on it----- x
less- tds/tcs/mat credit/relief u/s 90 etc y
balance is advance tax payable z
3- it is payable in installment
say in case of other than co. Assessee-----
-on or before 15 sept-----not less than 30% of advance tax liability
-on or before 15 dec-----not less than 60% of advance tax liability minus earlier paid
-on or before 15 march----100% of advance tax minus earlier paid
well now if assessee doesn’t paid advance tax or defer the installment then assessee is liable to pay interest u/s 234C @ 1% simple interest
now as u can see that advance tax calculation on estimated basis so in case of capital gain and casual income like lottery etc we can’t estimate income derived from it and accordingly advance tax cant be estimated .
in such case we can pay it(advance tax) by 31 march not in installment….it is for benefits of assesee
it is the proviso of section 234C where income from capital gain and casual income then assessee are exempt from interest which he has to paid u/s 234C due to deferment of advance tax
well I have not given the full detail of sections. it is only for your understanding. if u have any further doubt then plz ask…….
B) there are some perquisite on which employee has to pay tax….but employer on his option can pay it on behalf of employee and same will be exempt ie employee will have not to pay any tax on it..
“notwithstanding anything contained in section 200 of the Companies Act, 1956.”
This sentence is come in to effect to override the section 200 of companies act.........
Provision of section 200 of the Companies Act prohibits a company from paying tax-free salary to its officers or employees.
C) for gift refer section 56(2)(vi)..from your text book
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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