Advance Tax

  Who is liable to pay Advance tax? ​​​As per Section 208 of the Income Tax Act, Every person (individual, firm, company, etc.) whose estimated tax liability for the year (i.e., for the year in progress such as FY 2016-17, FY 2017-18,  etc.) after TDS (i.e., TDS which is deducted for the person by its payers/clients/banks,… Read More Advance Tax

Advance Ruling

  Are the Advance ruling, binding on taxpayers or tax authorities? An advance ruling pronounced by the Authority is binding on the follows :- The Applicant. The Commissioner. Commissioner of Income-tax (Appeals). Income-tax authorities who are subordinate to Commissioner In respect of transaction for which ruling had been sought​ What is the purpose of Advance… Read More Advance Ruling