Advance Tax

Advance Tax Payment under Income Tax Act of 1961 in brief

Income Tax - Advance Tax payment is must for certain tax payers in India. In fact here, the reality is that taxes are required to be paid in advance, i.e. ‘pay as you earn’ and not at the end of year. This scheme refers to paying most part of the taxes during the financial year itself to ensure […]...

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Advance Tax under Income Tax Act, 1961

Income Tax - Q.1 Is there any compliance if an assessee revises its estimate of income for advance tax? Ans. ​​An assessee can revise the estimation of income and pay the taxes accordingly without any requirement of filing the estimation of income with the department.​ Q.2 Can estimate of income be revised for the purpose of advance tax? [&helli...

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How to account Income Tax Provision, TDS & Advance Tax

Income Tax - [1] Provision for Income Tax : This provision is created from profit. This is below the line entry. After adjusting necessary items from gross profit, ( e.g. depreciation booked in books of accounts and depreciation allowable as per income tax rules ) taxable income arrives. On that taxable profit we have to make provision for income tax ...

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Advance Tax Payment based on High Value Transactions

Income Tax - Income tax department is sending messages to pay advance tax on the basis of High Value Transactions shown in Form 26AS. The message says ‘Attention XYZ COMPANY (PAN XXXXX—–X), Income Tax Department has received information about certain high value financial transactions relating to FY 2020-21. Please view transactions u...

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Section 234C interest relaxed on dividend income, Capital Gain

Income Tax - Union Budget 2021 proposed to relax Section 234C interest on Dividend income along with capital gains if shortfall in the advance tax payments and tax due has been paid in the subsequent advance tax instalments. Advance tax instalment for dividend income, Capital Gain etc. Section 234C of the Act provides for payment of interest by [&hell...

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​​​​​​​Provisional Direct Tax collections for FY 2020-21 shows growth of almost 5%

Income Tax - Net Direct Tax collections represent 104.46% of the Revised Estimates of Rs. 9.05 lakh crore of Direct Taxes for the F.Y. 2020-21. Advance Tax collections for F.Y. 2020-21 stand at Rs. 4.95 lakh crore which shows a growth of approximately 6.7%. ...

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GST on supply installation, operation & maintenance of Greenfield Public Street Lighting System

In re Nexustar Lighting Project Private Limited (GST AAR Odisha) - In re Nexustar Lighting Project Private Limited (GST AAR Odisha) Question No. 1 Whether in facts and circumstances of the case, the activities of supply installation, operation and maintenance of Greenfield Public Street Lighting System (GPSLS) carried out by the Applicant is classifiable as a suppl...

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GST: Value in respect of transfer to branches located outside state

In re Thirumalai Chemicals Limited (GST AAR Tamil Nadu) - In re Thirumalai Chemicals Limited (GST AAR Tamil Nadu) Q. The value to be adopted in respect of transfer to branches located outside the state? Ans: The applicant can adopt any one of the following three methods provided under Rule 28 of the CGST/ TNGST Rules 2017 read with Section 15 of the CGST/T...

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No Section 234B Interest for Advance Tax Shortfall due to Retrospective Amendment

DCIT Vs Reliance Industries Ltd. (ITAT Mumbai) - Whether the interest u/s 234B for less payment of advance tax will be levied on account of additions made to total income, consequent to retrospective amendment?...

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No exclusion of Govt subsidy granted to farmer from transaction value

In re M/s Megha Agrotech Private Limited (AAR Karnataka) - The amount of assistance received by the farmer or on account of the farmer from the Government Department has no bearing on the price and hence on the value of supply made by the applicant to the farmer and is not covered under section 15(2)(e) of the CGST Act, 2017....

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GST AAR cannot condone delay after expiry of 30 days for filing appeal: AAAR

In re The Deputy Conservator of Forests (GST AAAR Karnataka) - In re The Deputy Conservator of Forests (GST AAAR Karnataka) The GST appellate authority for advance ruling dismissed the appeal filed by the appellant on grounds of time limitation. It is evident that this Appellate Authority being a creature of the statue is empowered to condone a delay of only a ...

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CBDT extends due date of Advance Tax for North Eastern Region

(01/01/1970) - Extension of date of Direct Tax payment in respect of third installment of advance tax for FY 2019-20 Considering the large-scale disruption of Internet Services in the North Eastern States-Assam, Tripura, Arunachal Pradesh, Meghalaya, Nagaland, Manipur and Mizoram,  the Central Board of Direct Tax...

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Recent Posts in "Advance Tax"

Advance Tax Payment under Income Tax Act of 1961 in brief

Advance Tax payment is must for certain tax payers in India. In fact here, the reality is that taxes are required to be paid in advance, i.e. ‘pay as you earn’ and not at the end of year. This scheme refers to paying most part of the taxes during the financial year itself to ensure […]...

Read More
Posted Under: Income Tax |

Advance Tax under Income Tax Act, 1961

Q.1 Is there any compliance if an assessee revises its estimate of income for advance tax? Ans. ​​An assessee can revise the estimation of income and pay the taxes accordingly without any requirement of filing the estimation of income with the department.​ Q.2 Can estimate of income be revised for the purpose of advance tax? [&helli...

Read More
Posted Under: Income Tax |

​​​​​​​Provisional Direct Tax collections for FY 2020-21 shows growth of almost 5%

Net Direct Tax collections represent 104.46% of the Revised Estimates of Rs. 9.05 lakh crore of Direct Taxes for the F.Y. 2020-21. Advance Tax collections for F.Y. 2020-21 stand at Rs. 4.95 lakh crore which shows a growth of approximately 6.7%. ...

Read More
Posted Under: Income Tax |

How to account Income Tax Provision, TDS & Advance Tax

[1] Provision for Income Tax : This provision is created from profit. This is below the line entry. After adjusting necessary items from gross profit, ( e.g. depreciation booked in books of accounts and depreciation allowable as per income tax rules ) taxable income arrives. On that taxable profit we have to make provision for income tax ...

Read More
Posted Under: Income Tax | ,

Advance Tax Payment based on High Value Transactions

Income tax department is sending messages to pay advance tax on the basis of High Value Transactions shown in Form 26AS. The message says ‘Attention XYZ COMPANY (PAN XXXXX—–X), Income Tax Department has received information about certain high value financial transactions relating to FY 2020-21. Please view transactions u...

Read More
Posted Under: Income Tax | ,

Section 234C interest relaxed on dividend income, Capital Gain

Union Budget 2021 proposed to relax Section 234C interest on Dividend income along with capital gains if shortfall in the advance tax payments and tax due has been paid in the subsequent advance tax instalments. Advance tax instalment for dividend income, Capital Gain etc. Section 234C of the Act provides for payment of interest by [&hell...

Read More
Posted Under: Income Tax |

GST on supply installation, operation & maintenance of Greenfield Public Street Lighting System

In re Nexustar Lighting Project Private Limited (GST AAR Odisha)

In re Nexustar Lighting Project Private Limited (GST AAR Odisha) Question No. 1 Whether in facts and circumstances of the case, the activities of supply installation, operation and maintenance of Greenfield Public Street Lighting System (GPSLS) carried out by the Applicant is classifiable as a supply of Works Contract Services? Answer:- A...

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GST: Value in respect of transfer to branches located outside state

In re Thirumalai Chemicals Limited (GST AAR Tamil Nadu)

In re Thirumalai Chemicals Limited (GST AAR Tamil Nadu) Q. The value to be adopted in respect of transfer to branches located outside the state? Ans: The applicant can adopt any one of the following three methods provided under Rule 28 of the CGST/ TNGST Rules 2017 read with Section 15 of the CGST/TNGST Act […]...

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Advance Tax due Dates & Rate of interest on late payment

ADVANCE TAX As per section 208 of the Income Tax Act 1961 a person shall be liable to pay advance tax  if Tax Liability exceeds Rs. 10,000 after deducting the amount of TDS,TCS. Every Assesses shall estimate his Income and Tax Liability for any previous year and Income Tax so estimated shall be paid in […]...

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Posted Under: Income Tax |

Income Tax Compliance / Information at A Glance

I have covered only relevant compliances/information useful for Small Manufacturer, Traders only through this article which includes TDS Rate, TDS Return, TDS Certificate and TDS payment due dates, Advance Tax due dates, Income Tax Return Due Dates, Penalty for Late Return Filing, Important Income Tax Deductions, Presumptive Taxation Sch...

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Posted Under: Income Tax | ,

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