is there any liability for the assessee filling income tax return in the form ITR 4s...?
please tell me....
7 Replies
DHARMENDRA PRAJAPAT
(CA FINAL)
(105 Points)
Replied 17 January 2014
devanand sir
I means that if a person files return of income from business u/s 44AD i.e. @ 8% of total sales.
in the above case the person has any advance tax liability.
CA Devanand Jethanandani
(CA)
(8003 Points)
Replied 17 January 2014
Yes he is liable to pay advance tax.
All assessees whose tax liability is Rs.10,000 or above (after deducting all deductions, rebates, TDS) is liable to pay Advance Tax.
moulali
(student)
(735 Points)
Replied 18 January 2014
as per provisions of the income tax the assessee no need to pay advance tax u/s 44AD related to such business.
CA Devanand Jethanandani
(CA)
(8003 Points)
Replied 18 January 2014
Dear Moulali,
Then the Provisions of advance tax should not be applicable to incomes covered u/s. 44AE and 44AF also, is is so ?
If yes, can you please give reference of section (if any) / wordings mentioning the exemption from payment of advance tax from income covered under these sections (44AD, 44AE and 44AF)
Thanks,
CA. Devanand Jethanandani
Mayur Gondaliya
(Advocate & Tax Consultant)
(427 Points)
Replied 18 January 2014
AS PER SECTION 44AD (4) Provision Related To Advance Tax Not Applicable To Assessee Covered Under Section 44 AD Even If Tax Payable Is More Than Thresold Limit Fixed For Payment Of Advance Tax i.e. 10,00,0
moulali
(student)
(735 Points)
Replied 18 January 2014
Dear Devanand,
44AE:
there is no specific provision exempting assessee’s from payment of advance tax u/s 44AE
44AF:
Section 44 AF has been with drawn from the Assessment year 2011-12.
from such assessment year section 44AD and 44AF merged and newly formed 44AD(i.e major chages was made to this section) please refer the lateset section 44AD which came into the force from a.y.2011-12 for more clarification regarding these sections.
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