SRIKANTH (Student) (300 Points)
21 October 2008suppose if the assessee's tax liability was below Rs.5000 before the last date of payment of advance tax and later on he earns income which enhances his tax liability beyond the said limit what will be the effect if such increase was due to :
a) income from house property
b) income from capital gains
c) income from business
d) income from other sources
praveen
(Chartered Accountant)
(6971 Points)
Replied 21 October 2008
| Originally posted by :SRIKANTH | ||
| " | suppose if the assessee's tax liability was below Rs.5000 before the last date of payment of advance tax and later on he earns income which enhances his tax liability beyond the said limit what will be the effect if such increase was due to : a) income from house property b) income from capital gains c) income from business d) income from other sources |
" |
Interest will not be made liable on non payment of advance tax on Capital Gains, and winnings from lottery, betting, crossword puzzles, competitions etc.
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