What is meaning of Advance Tax?
How we will calculate?
What is the %?
Which form available for this?
What is the penalty?
- 2 Answers
- 30266 Views
- IBM, I also Faced
- E-Mail Answers
Answer Posted / ravi kumar ujji
1) Advance tax is the tax paid in advance ( In between the
financial year) in respect of the estimated income for the
whole year. Its like paying tax in instalments.
2) Calculation - Estimated Tax on total income XXX
Less- Rebate and relief XX
ADD- Surcharge and Cess XX
Less- TDS and TCS XX
3) % is depends on the assessee ( the % on tax calculated
in the above)
Due Date Assessee
Coroporate Non Corporate
15-Jun 15% -
15-Sep 45% 30%
15-Dec 75% 60%
15-Mar 100% 100%
4) There is no seperate form for Advance Tax. Challan No /
ITNS 280 if the form for both advance tax and self
assessment tax. We have to select the code 100 for advance
tax in the form.
5)There is No Penalty for not payment of Advance Tax.
However we have to pay INTEREST on the shourt fall of
amount. The rate of Interest is 1 %. The relevent sections
are
234 B - If assessee fails to pay advance tax or paid less
then 90 %
234 C - If the assessee fails to pay any instalment of
advance tax or pays less amount then prescried.
| Is This Answer Correct ? | 43 Yes | 11 No |
Post New Answer View All Answers
WHAT IS MEANT BY CST? DO THE SUPPLIER CLAIM CST 2% FROM THE PURCHASER? WHAT ARE ALL THE RULES TO BE FOLLOW WHILE THE BUYER PURCHASE A 'C'FORM FROM THE CTO?
why is service tax set off is consider while calculating wct tds
Can a person fill a nri in an income tax form if he has been out of india for six months though he is indian citizen?
I have working with Rs.180000/- I want fill up itr 1st time What is process.
what was the VAT rate on inverters(home ups) in karnataka on 2016??
WHEN I AM DOING 1ST TIME VAT RETURN E-FILLING, WHAT IS PROCESS FOLLOW HOW GET E-RETURN FILLING PERMISSION HOW APPLY FOR GET THE USER I.D & PASSWORD FOR E-RETURN FILLING IF ELSE, PLEASE GIVE ME THE RIGHT ANSWER ON MY E-MAIL ADDRESS ON sonidilip87@yahoo.com
Provision entry for current Year Income Tax A/c ----Dr To Income Tax Payable A/c Adjustment entry in next Year Income tax payable---Dr To bank A/c kindly tell me which head of income tax a/c and income tax payble a/c
DEFINATION OF LABOUR ACT?
kindly advise me any set off in excise duty in maharashtra
what is D-1, D-2, Vat-C4,
ON WOODEN FURNITURE EXCISE IS APPLICABLE OR NOT ?
we have sale material to party and freight paid by us. This freight charged in sale invoice than what is the entry of service tax in this case.
Can we pay advance salary to a single employee in cash of an amount exceeding 10,000?
I want PTR Number and I am working professionaly related documents i have but officer asked me to bring any business commencement proof. here,I have no business? so what proof i will give to him.
I plan to buy a new flat in Hyderabad which has never been registered before. Area of the flat is 1115 Sq. ft. I intend to know the following things.1.) what should be the amount of registration?.2.) Is there any VAT. If there is VAT what is the percentage?.3.) Is there any service tax. If so, what should be the percentage? as per F.Y 12-13 rule
