Advance tax
preet
(Querist) 05 April 2011
This query is : Resolved
Hello,
In income tax if a person tax liability is more than Rs.5000/-, He is liable to Advance Tax. My quary is if he does not pay advance tax, what is its liability? Plz also mention under which section?
lawyerpreetkaur@gmail.com
Anil Kumar-Advocate
(Expert) 06 April 2011
Dear Preet,
The question itself reflect that you have just entered in the field.However, while wishing you Goodluck, I shall advise you to plz. go through the sections 234A, 234B & 234C.Thus, if a person does not pay adv.tax, the dept. shall impose interest on the tax amount. And if file his/her return throu efiling, the rate shall be calculated automatically- when you press the button CALCULATE.Hope you might have satified.If any more please post your quary.
preet
(Querist) 06 April 2011
Thanku so much sir, thanks 4 ur luck
lawyerpreetkaur@gmail.com
Vishnu Promod Srivastava
(Expert) 07 April 2011
Dear Preet,
I don't agree fully with the views expressed by Anil Kumar. According to sec.208 of IT Act1961 advance tax is payable only when the amount of such tax is Rs.10000/- or more during the AY2010-11 Onwards(Rs.5000/-up to AY2009-10).
Advance tax is payable by a non corporate assessee in the following manner;
on or before 15th. Sep not less than30% of tax liability
on or before 15 Dec. 30%
on or before 15 March 40%
in case of default interest u/s234B &234C is chargeable.
Vishnu Promod Srivastava Advocate
soumitra basu
(Expert) 09 April 2011
No further clarification is needed
MUKESH SHARMA
(Expert) 12 April 2011
dear it is now 10000 section 234 b and 235 of income tax act 1961 will be applicabe
