I read somewhere that some individuals must pay estimated tax each year. However, I received conflicting information from another source. What is correct?
7 Replies
Ganeshbabu K
(Audit and Tax Advisory)
(48564 Points)
Replied 02 February 2013
it is a myth
how can one payy tax withearnig adeqaue income to pay tax
income tax is levied as per incometax rules at the rates prescribed by the incometax departement from time to time.
CA Ashish Pathak
(Employed at Cipla Ltd.)
(2779 Points)
Replied 02 February 2013
You must be talking about the concept of Advance Tax?? Isn't so?
CA Bhargav Nathwani
(CA in Practice)
(8307 Points)
Replied 02 February 2013
No........ I think Its profesional Tax..however not apllying to Individuals.. But to propritors..!
piyush.a.k
(-)
(252 Points)
Replied 03 February 2013
Agree with Ashish ... One has to pay Advance Tax .. and the concept can be broadly defined as tax on estimated income....
Komal Thakur
(CA Final)
(925 Points)
Replied 03 February 2013
| Originally posted by : eTaxMentor | ||
 |
I read somewhere that some individuals must pay estimated tax each year. However, I received conflicting information from another source. What is correct? |
 |
Some Individuals or persons ???
Advanced tax is to be paid on estimated income...
ur ques is incomplete,, conflicting in itself.. pls xplain wat xactly u wanna ask..??
manoj
(student)
(5205 Points)
Replied 03 February 2013
you can pay advance tax on estimated income only if u r tax liability goes above 5000
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