Why Advance tax is complusory
2 Replies
CA Lovenish Bansal
(JOB)
(343 Points)
Replied 10 June 2009
To avoid Interest u/s 234A, 234B & 234C if income tax payable is expected to exceed Rs. 5000
Thanks,
Aditya Maheshwari
(CA in Practice)
(35867 Points)
Replied 10 June 2009
If advance tax is not paid then it could be subject to penalty u/s 221 for default in paying tax and so that the government gets funds for making expenditure in time
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