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.

ER-5 & ER- 7 ER -4 related all information 1) What Fill The ER-5 & ER- 7 ER -4 2) What Infomation Fill In the return

2003

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I AM SAKTHIVEL,MY QUESTION IS 1.WHAT ARE THE LEDGER TO BE MAINTAINED FOR SERVICE TAX 2.KINDLY EXPLAIN WITH EXAMPLE FOR PURCHASE ALONG WITH SERVICE TAX 3.SALES ALONG WITH SERVICE TAX 4.IN TALLY E.R.P HOW I GROUP THE LEDGER 5.GIVE NECESSARY JOURNAL ENTRY FOR ALL SERVICE TAX RELATED TRANSACTION 6.ANY OTHER IMPORTANT NOTE U WISH TO INFORM ME 7.HOW I CROSS CHECK IT ### PLEASE HELP ME REGARDS SAKTHIVEL

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