Income Tax : The article explains what remains unchanged under the new tax law while highlighting critical compliance checks taxpayers should u...
Income Tax : The article explains the advance tax framework applicable from Tax Year 2026-27. Taxpayers with net tax liability of Rs. 10,000 or...
Income Tax : This blog explains the concept of TDS and Advance Tax in a simple and practical manner along with relevant provisions under the In...
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 : Net direct tax collections for FY 2026-27 grew by 14.64% as of June 17, 2026, driven by higher corporate and non-corporate tax rec...
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 : ITAT Hyderabad held that dismissal of an appeal under section 249(4)(b) was unjustified where the assessee claimed that the receip...
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 : Extension of date of Direct Tax payment in respect of third installment of advance tax for FY 2019-20 Considering the large-scale ...
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 […]
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 Maharashtra Goods and Services Tax Act 2017 vide […]
1. Meaning: Income Tax needs to be paid in advance during the financial year instead of lump sum payment at year-end. This is known as pay tax as you earn. 2. Applicability: if total tax payable (on estimated total income) for the financial year is ≥ INR 10,000 3. The amount payable and Due Date: […]
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 […]
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%.
[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 at prevailing rate of income tax.
