Income Tax : The framework clarifies that advance tax becomes mandatory when estimated liability exceeds ₹10,000, with specific exemptions fo...
Income Tax : This explains when and why a demand notice for advance tax is issued based on estimated income. It highlights the obligation to pa...
Income Tax : The 2025 law mandates advance tax on estimated income in four instalments, with limited exemptions for senior citizens and small l...
Income Tax : Understand key provisions of advance tax under the Income Tax Act — who is liable, due dates, revision of estimates, payment pro...
Income Tax : Made a mistake while paying Advance Tax or Self-Assessment Tax? This guide explains how to correct wrong Assessment Year, Head Cod...
Income Tax : Learn about advance tax, who needs to pay it, due dates, payment methods, penalties, and exceptions. Understand advance tax instal...
Income Tax : As of September 17, 2024, direct and advance tax collections show significant growth compared to the previous fiscal year....
Income Tax : Income Tax Department has identified certain inconsistencies in the Statement of Financial Transactions (SFT-17) data related to s...
Income Tax : The Income Tax Department, under the Ministry of Finance, is set to initiate an e-campaign aimed at enhancing taxpayer compliance ...
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 ...
Income Tax : ITAT held that section 249(4) cannot be invoked where no taxable income arises in India. Appeals must be decided on merits rather ...
Income Tax : ITAT held that the appellate authority wrongly dismissed the appeal under Section 249(4)(b) as there was no advance tax liability ...
Income Tax : ITAT Indore held that Section 249(4)(b) does not apply in reassessment proceedings where no advance tax obligation arises. The dis...
Income Tax : ITAT Raipur held that Section 249(4)(b) applies only where advance tax was legally payable. In absence of taxable income and advan...
Income Tax : The Tribunal held that Section 249(4)(b) does not apply in reassessment where no advance tax liability existed, setting aside dism...
Income Tax : Extension of date of Direct Tax payment in respect of third installment of advance tax for FY 2019-20 Considering the large-scale ...
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.
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.
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
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.
Discover the essentials of Advance Tax under the Income Tax Act, 1961. Learn who is liable, when to pay, and how much to pay. Uncover the consequences of non-payment and the benefits of fulfilling your Advance Tax obligations. Ensure a smooth tax journey with key insights and timely payments.
Advance Tax refers to Income tax collected in advance from the taxpayer for the year before the end of the concerned financial year. Advance Tax is payable by the taxpayer during a financial year in every case where the amount of tax payable exceeds Rs 10,000/- Advance Tax is calculated on the basis of expected […]
What Is Advance Tax? As we already know that the income-tax is payable on the income earned during the previous year and it is assessed or charges in the immediate succeeding assessment year (e.g.: I earned income in year 2021-22 will be assessed in next year i.e., 2022-23. In this case, my previous year would […]
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 […]
Advance tax means income tax should be paid in advance instead of lump sum payment at year end. Taxpayer need to pay Advance Tax in 4 installments in which he has to pay 15% of advance tax by 15th June, 45% of advance tax by 15th September, 75% of advance tax by 15th December and […]
Ready-to-cook powder mixes for dosa, idli, tiffin and porridge will be chargeable at 18% GST In Re: Raja Radesh [Order No. 24/ARA/2021 dated June 18, 2021] the Raja Radesh (the Applicant) of Krishna Bhawan Foods and Sweets approached Tamil Nadu Authority for Advance Rulings (AAR) to seek advance ruling of 49 of its ready-to-cook products […]
