Advance Tax

Income Tax Act, 1961: Sections 207-219 – Advance Tax Provisions & Analysis

Income Tax - Explore Sections 207 to 219 of the Income Tax Act, 1961, covering Advance Tax provisions, due dates, and in-depth analysis. Understand computation, liability, and payment with detailed insights....

Inform your current employer about the previous employment and salary

Income Tax - Learn why disclosing previous salary is crucial for accurate tax planning. Explore advance tax intricacies, due dates, and interest implications. Navigate the complexities of income tax seamlessly....

Advance Tax Payment Due Dates: When do you have to pay it?

Income Tax - Stay ahead of tax obligations! Explore advance tax due dates for FY 2023-24, calculation methods, exemptions, TDS insights, and consequences of non-payment. Be tax-savvy!...

Pay 3rd Instalment Advance Tax for AY 2024-25 by 15th Dec: Guidelines & Example

Income Tax - Understand how to pay your 3rd instalment of Advance Tax for the Assessment Year 2024-25 before the deadline on 15th December. Detailed guidelines and a practical example provided....

Advance Tax under Income Tax Act, 1961

Income Tax - Understand Advance Tax under the Income Tax Act, 1961. Learn about compliance, revision of income estimates, due dates, who is exempt, tax rates, computing advance tax, payment procedure, and more. Stay informed to meet your tax obligations effectively....

Net Direct Tax collections for F.Y. 2021-22 grown by more than 60%

Income Tax - Advance Tax collections for the F.Y. 2021-22 (Till 3rd Installment) stand at Rs. 4,59,917.10 crore as on 16.12.2021 which shows a growth of approximately 53.50%. Net Direct Tax collections for the F.Y. 2021-22 grown at robust pace at more than 60%. Refunds aggregating to Rs. 1,35,093.6 crore issued in the current fiscal. The figures of [&...

​​​​​​​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%. ...

AO Must allow Advance Tax credit Despite Assessee Error: ITAT Mumbai

Damco India Pvt Ltd Vs CIT (ITAT Mumbai) - Analysis of the ITAT Mumbai ruling in the case of Damco India Pvt Ltd Vs CIT. Key insights into why the AO must grant advance tax credits overlooked by the taxpayer....

GST on supply of fortified wholemeal flour to Food & Supplies Department

In re Maa Laxmi Enterprise (GST AAAR West Bengal) - AAAR rule that in the instant case the supply of fortified wholemeal flour to the Food & Supplies Department, Government of West Bengal will fall under entry no. 3A of Notification No. 12/2017-Central Tax (Rate) dated 28.06.2017 and exempt from taxation....

Corrigendum order in case M/s Emerald court Co-operative Housing Society Ltd.

In re Emerald Court Co-operative Housing Society Ltd. (GST AAR Maharashtra) - In re Emerald Court Co-operative Housing Society Ltd. (GST AAR Maharashtra) CORRIGENDUM In the case of the applicant, M/s. Emerald Court Co-operative [lousing Society 1.1d, holder of GSTIN Number 27AABAE1552D1Z8. a Ruling was passed under Sections 98 of the Central Goods and Services Tax Act and the...

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...

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...

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...

Recent Posts in "Advance Tax"

Income Tax Act, 1961: Sections 207-219 – Advance Tax Provisions & Analysis

Explore Sections 207 to 219 of the Income Tax Act, 1961, covering Advance Tax provisions, due dates, and in-depth analysis. Understand computation, liability, and payment with detailed insights....

Posted Under: Income Tax |

Inform your current employer about the previous employment and salary

Learn why disclosing previous salary is crucial for accurate tax planning. Explore advance tax intricacies, due dates, and interest implications. Navigate the complexities of income tax seamlessly....

Posted Under: Income Tax |

Advance Tax Payment Due Dates: When do you have to pay it?

Stay ahead of tax obligations! Explore advance tax due dates for FY 2023-24, calculation methods, exemptions, TDS insights, and consequences of non-payment. Be tax-savvy!...

Posted Under: Income Tax |

Pay 3rd Instalment Advance Tax for AY 2024-25 by 15th Dec: Guidelines & Example

Understand how to pay your 3rd instalment of Advance Tax for the Assessment Year 2024-25 before the deadline on 15th December. Detailed guidelines and a practical example provided....

Posted Under: Income Tax |

AO Must allow Advance Tax credit Despite Assessee Error: ITAT Mumbai

Damco India Pvt Ltd Vs CIT (ITAT Mumbai)

Analysis of the ITAT Mumbai ruling in the case of Damco India Pvt Ltd Vs CIT. Key insights into why the AO must grant advance tax credits overlooked by the taxpayer....

Advance Tax under Income Tax Act, 1961

Understand Advance Tax under the Income Tax Act, 1961. Learn about compliance, revision of income estimates, due dates, who is exempt, tax rates, computing advance tax, payment procedure, and more. Stay informed to meet your tax obligations effectively....

Posted Under: Income Tax |

Budget 2023 clarifies Section 234B interest while filing Updated Return

Interest payable under section 234B shall be computed on an amount equal to the assessed tax as reduced by the amount of advance tax, the credit for which has been claimed in the earlier return, if any....

Posted Under: Income Tax |

GST on supply of fortified wholemeal flour to Food & Supplies Department

In re Maa Laxmi Enterprise (GST AAAR West Bengal)

AAAR rule that in the instant case the supply of fortified wholemeal flour to the Food & Supplies Department, Government of West Bengal will fall under entry no. 3A of Notification No. 12/2017-Central Tax (Rate) dated 28.06.2017 and exempt from taxation....

Points Be Kept in Mind While Paying Advance Tax

If income tax liability of a taxpayer exceeds Rs 10,000 in a financial year, then he is liable to pay such tax in installments as Advance Tax...

Posted Under: Income Tax |

Liability to deduct section 194R TDS on Benefit or Perquisite in Business or Profession

Any person being Individual/HUF/Company/Firm/LLP etc. providing any benefit or perquisite whether convertible into money or not, is liable w.e.f. 1-7-2022 to deduct TDS U/s 194R @ 10% on the value or aggregate value of such benefit or perquisite....

Posted Under: Income Tax |

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