chanikya (article student) (38 Points)
29 March 2018
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(184716 Points)
Replied 29 March 2018
Not mandatory in this case..
As per section 208 of IT act, liability arises only if it is more than Rs 10,000/-
Rahul Prajapati
(Student)
(2282 Points)
Replied 29 March 2018
liability arises If expected tax liability is more than 10k
RAJA P M
("Do the Right Thing...!!!")
(128101 Points)
Replied 29 March 2018
Vunu
(Developer)
(135 Points)
Replied 30 March 2018
[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.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(184716 Points)
Replied 30 March 2018
No, if senior citizen........... otherwise yes........
Vunu
(Developer)
(135 Points)
Replied 05 April 2018
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.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(184716 Points)
Replied 05 April 2018
" 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.
tripti
(ca article)
(209 Points)
Replied 05 April 2018
| 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.
Vunu
(Developer)
(135 Points)
Replied 16 April 2018
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.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(184716 Points)
Replied 16 April 2018
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.......
Vunu
(Developer)
(135 Points)
Replied 16 April 2018
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?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(184716 Points)
Replied 16 April 2018
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......
CAclubindia
