Guide to .. Tax Management ,Tax Planning and Tax Saving
 

CONTENT : Payment of Advance Tax and Refund of Tax

1. Liability for Advance Payment of Tax (Section 207)

  1. Advance Tax Payable on Current Income [Section 207(1)]

  2. Conditions of Liability to pay Advance Tax [Section 208]

  3. Senior Citizen Not required to Pay Advance Tax [Section 207(2)]

  4. Due Dates and Instalments of Advance Tax Payable by all Assessees other than covered U/s 44AD or 44ADA [Section 211(1)(a)]

  5. Payment of Advance Tax in case of Capital Gains/Casual Income [Proviso to section 234C]

  6. Default in Payment of Advance Tax [Sec. 234B] -

  7. Advance Tax Payable by the Assessee covered under Section 44AD or 44ADA [Section 211(1)(b)]:

2. Computation and Payment of Advance Tax [Section 209(1)(a) and (d)]

  1. Computation and Payment of Advance Tax where the Calculation is made by the Assessee Himself [Section 209(1)(a) and (d)]

  2. Payment of Advance Tax by the Assessee on his Own Accord under Section 210(1):

  3. Payment of Advance Tax in pursuance of an Order / Amended Order of Assessing Officer under Sections 210(3) and 210(4):

  4. Computation of Tax by Assessing Officer [Section 209(1)(b) read with section 209(2)(a)]:

  5. Amendment of Order of Assessing Officer for payment of Advance Tax [Section 210(4)]:

  6. Assessee can Submit his Own Estimate if its Current Income is likely to be Lower [Section 210(5) and Rule 39]:

  7. Net Agricultural Income to be taken into account for Computing Advance Tax [Section 209(2)]:

CONTENT :  Advance Tax and Refund [Section 207-211, 218 & 219]

3. Advance Tax Calculation Formula (F.Y. 2018-19 & 2019-20)


4. Interest payable for Defaults in Payment of Advance Tax [Section 234B(1)]


5. Interest of Deferment of Advance Tax (Section 234C)

  1. An assessee, (other than an Eligible Assessee in respect of the Eligible Business referred to in Section 44AD or in respect of Eligible Profession referred to in Section 44ADA),

  2. Interest payable in case of Non-payment of Advance Tax by 15th March by the Eligible Assessee of the Eligible Business referred to in Section 44AD or Profession referred to in Section 44ADA [Clause (b) to Section 234C(1)]

  3. No Interest on Shortfall in Payment of Advance Tax Due on Returned Income if it is due to Under/Non Estimation of Certain Incomes [First proviso to section 234C(1)]

Taxation in Business & Profession [Section 28 to 44]
Taxation in Business & Profession [Section 28 to 44]

Computation of income under the head 'Profits and Gains of Business or Professions' [Section 28 to 44]

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6. Refund of Tax (Section 237 to 241)

  1. Who can Claim Refund of Tax

  2. Who is entitled to Refund of Tax (Seciton 237)

  3. Who can Claim Refund of Tax other than Assessee (Section 237)

  4. Form and Period to Claim of Refund of Tax (Section 239 and Rule 41)

  5. Refund of Tax on Appeal, etc. (Section 240)

  6. Withholding of Refund of Tax in certain cases [Section 241A]

  7. Set off of Refund of Tax against Tax / Demand Outstanding [Section 245]

 
 
 
 
 
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