Whether advance tax compulsory??

Not mandatory in this case..

As per section 208 of IT act, liability arises only if it is more than Rs 10,000/-

liability arises If expected tax liability is more than 10k

[ITR1]

Is paying Advance Tax liable to Individuals who have "Interest Income" and "Pension Income"? Tax is going beyond 10,000. Bank deduct TDS at regular intervals.

Please revert.

No, if senior citizen........... otherwise yes........

Dhirajlal-ji, Paying Advance tax for FY 2017-2018 was missed before the deadlines. Can we pay it now (April-2018)? If we pay more than the requirement, will we get the refund once we file the ITR in June-2018? Please revert soon.

" Paying Advance tax for FY 2017-2018 was missed before the deadlines. Can we pay it now (April-2018)?"

Yes, but not as 'Advance Tax (100)'........ but as 'Self Assessment Tax (300)'

"If we pay more than the requirement, will we get the refund once we file the ITR in June-2018?"

Yes, additional tax paid/TDS, after decuction of interest liability, if any, can be asked as refund. while filing return.

Originally posted by : chanikya
	Whether advance tax is compulsory to file return under44AD,even if tax liability is less than 10,000. Eg. Turnover 50,00,000 Profit(8%) is 4,00,000Assuming no deductions, tax comes to 7500.Whether we have to deposit 7500 as advance tax in March2018.

Tax liability is less than Rs.10000 no need to pay advance tax.

Thank you Dhirajlal-ji.

For resident, the Advance Tax liability was Rs. 20,000/- for FY 2017-2018. Advance Tax was not paid. Now, need to pay Self Assessment Tax. However, there are many columns like below :

 - Tax
 - Surcharge
 - Penalty
 - Educational Cess
 - Interest
 - Others
 - Penalty Payment Code(11C or N11C)
 
Can anyone please mention exactly what amount to be inserted in each column. Also let me know the formula.

No need of any such bifurcation/calculation while paying tax....... just pay amount under........ TAX.........

Interest u/s 234A/B/C/F will be taken care at the time of filling return.......

That sounds good.

Thank you very much.

Other thing. The bank is supposed to pay the TDS amount to Income Tax department on quaterly basis. I found in the 26AS document, that the bank has not yet deposited any amount to the IT department for FY 2017-2018. In this case are we responsible for the late payment of Taxes?

Bank is liable to pay TDS amount by 30.04.2018 (for March18 deduction); but the TDS return for last quarter will be filed by 30.05.2018........

So, the reflection in your Form 26AS will be in first week of June.......

So, no need to pay tax for the TDS already deducted, at the same time advisable to file IT return only after the correct form 26AS or form 16A availability.......... otherwise you will have to revise ITR......