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 ...
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 Scheme, Tax Audit and Maintenance of Books.
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?
Payment of advance tax is governed by sec. 207,208,209,210 and 211 of the Income Tax Act 1961. f the Income Tax Liability of any assessee is more than Rs. 10,000 in a financial year, then he is liable to pay such tax in installments during the year itself rather than paying this tax at the end of the year.
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.
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 period of 30 days […]
In re Saryu Babu Engineers For Resource Development (GST AAR Uttar Pradesh) Q-1 Whether the Project Development Service (i.e. Detailed Project Report Service) and Project Management Consultancy services (PMCS) provided by the applicant to recipient under the contract from State Urban Development Authority (herein after referred as “SUDA”) and the PMC under the contract for […]
In this article we will discuss vivacious calculation of interest u/s 234B for default in payment of advance tax. Before proceeding ahead, it is indispensible to understand the provisions of Advance tax as pact in Sec. 207 & Sec. 208 of the Income Tax Act, 1961.
Thank you Taxpayers … Your Income Tax is making it possible for more Indians to access quality healthcare. Pay your 4Th & final installment (100% of Advance Tax) for FY. 2019-20 by 15th March, 2020 Taxpayers liable to pay Advance Tax Any assesses, including salaried employee, whose tax liability for the financial year as reduced […]
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 Taxes, in exercise of powers conferred under clause (a) of sub-section (2) […]
When payment of Advance Income Tax is necessary? If the Income tax liability of any assessee, for the Assessment year 2020-21 (Financial Year 2019-20) i.e. for the year from 1st April, 2019 to 31st March, 2020 is, likely to exceed Rs.10,000/-, then payment of Advance Income Tax is mandatory. If a company does not have […]
