advance income tax

As per section 208, every person whose estimated tax liability for the year is __________ or more, shall pay “advance tax”.

Provisions relating to payment of advance tax shall not apply to

As per section 210(3) of the Act, in the case of a person who has been already assessed by way of regular assessment in respect of the total income of any previous year, the Assessing Officer,
if he is of opinion that such person is liable to pay advance tax, may, by order in writing, require such person to pay advance tax. Such order may be passed at any time during the financial year
but ______________.

For the purpose of passing order under section 210(3) of the Act, the assessing officer shall estimate current income based on:

If the estimate of advance tax payable by the assessee _____ the amount mentioned in the order passed by the Assessing Officer under section 210(3) of the Act, the assessee shall pay higher tax
in accordance with his own estimate without filing any intimation.

All taxpayers (other than the eligible assessee as referred to in section 44AD or section 44ADA)
are required to pay up to 75% of advance tax by ___________.

Taxpayers opting for presumptive taxation scheme of Section 44AD / 44ADA are required to pay up to_______ of advance tax by 15th June?

As per Rule 119A, the amount on which interest is payable shall be rounded off, always on ____________

Under section 234A of the Income Tax Act, interest is levied for _______.

The rate of interest applicable for section 234A is _____ % per month or part of a month.

Section ______ provides for levy of interest for default in payment of instalment(s) of advance tax i.e. deferment of advance tax.

As per section 207, ____________ not having any income from business or profession during the previous year, is not liable to pay advance tax.

As per section 211(1), payment of advance tax made on or before _______ shall also be treated as advance tax paid during the financial year.

First due date for payment of advance tax in case of an individual is ………… of the previous year

Interest under section 234B shall be attraceted if taxpayer fails to pay _________ of advance tax payable during the previous year.

Second due date for payment of advance tax in case of a partnership firm is ………… of the previous year

PINTU & Co., a partnership firm provides following information:
(a) Due date of filing income tax return for the assessment year 2019-20 : 30-09-2019
(b) The return was filed on : 16-03-2020
(c) Tax on returned Income: Rs. 61,800
(d) Tax deducted at source: Rs. 11,800
(e) Advance tax paid: Rs. 44,000
(f) Self-assessment tax together with applicable interest was duly deposited on 16-03-2020 .
You are required to find out interest payable under section 234 A of the Act.

PINTU & Co., a partnership firm provides following information:
(a) Due date of filing income tax return for the assessment year 2019-20 : 30-09-2019
(b) The return was filed on : 16-03-2020
(c) Tax on returned Income: Rs. 61,800
(d) Tax deducted at source: Rs. 11,800
(e) Advance tax paid: Rs. 44,000
(f) Self-assessment tax together with applicable interest was duly deposited on 16-03-2020 .
You are required to find out interest payable under section 234B of the Act.

Mr. Raghav provides following information:
(a) Scrutiny assessment for A.Y. 2015-16 under section 143(3) was completed on: 26-09-2016
(b) Tax on the total income assessed under section 143(3) was Rs. 75,000.
(c) A.O. issued notice under section 148 on 25-01-2018 requiring Mr. Raghav to file the income
tax return for the assessment year 2015-16 on or before 31-3-2018.
(d) Mr. Raghav furnished return of income on 18-6-2018 in response to the notice under section
148 of the Act.
(e) Tax on total income assessed under section 147 was Rs. 1,00,000.
(f) A.O. completed reassessment under section 147 on 15-12-2018.
You are required to find out interest payable under section 234A at the time of reassessment.

Mr. Raghav provides following information:
(i) Scrutiny assessment for A.Y. 2015-16 under section 143(3) was completed on: 26-09-2016
(ii) Tax on the total income assessed under section 143(3) was Rs. 75,000.
(iii) A.O. issued notice under section 148 on 25-01-2018 requiring Mr. Raghav to file the income
tax return for the assessment year 2015-16 on or before 31-3-2018.
(iv) Mr. Raghav furnished return of income on 18-6-2018 in response to the notice under
section 148 of the Act.
(v) Tax on total income assessed under section 147 was Rs. 1,00,000.
(vi) A.O. completed reassessment under section 147 on 15-12-2018.
You are required to find out interest payable under section 234B at the time of reassessment.

X Ltd. filed its return for the A.Y. 2016-17 declaring income of Rs. 10,00,000. On 10-10-2018, the
assessee was in receipt of notice under section 148 for the A.Y. 2016-17, whereby X Ltd. was
required to file return on or before 15-11-2018. X Ltd. filed an application to settlement
commission on 31-10-2018 declaring additional income of Rs. 60,00,000. Find out interest under
section 234B which shall be payable at the time of application. Assume tax rate 30% for the A.Y.
2016-17 and ignore education cess and surcharge for sake of simplicity.

Subject to some condition, no interest under section 234C will be levied in respect of any shortfall in the payment of advance tax due on the returned income where such shortfall is on account of
under-estimate or failure to estimate-

In certain situation, interest under section 234D shall be imposed for the period commencing on

Mr. X filed return of income for assessment year 2018-19 claiming a refund of Rs.40,000. The said refund was granted and paid to the assesse on March 1, 2019 after processing the return under section 143(1). Later on, the case was taken up for regular assessment by issue of notice under section 143(2) and the said assessment was completed on August 17, 2019 resulting in demand of Rs.2,500. Find out interest payable under section 234D of the Act, if any.

Mr. X filed return of income for assessment year 2018-19 claiming a refund of Rs.45,000. The said refund was granted and paid to the assesse on March 1, 2019 after processing the return under section 143(1). Later on, the case was taken up for regular assessment by issue of notice under section 143(2) and the said assessment was completed on August 17, 2019 resulting in refund of Rs.21,000 only. Find out interest payable under section 234D of the Act, if any.

Mr. Jitendra, a businessman, resident, 52 years, provides following information:
-Tax on current income: Rs. 15,500
-TDS on interest by ABC & Co.: Rs. 6,900
Advise him, whether he is liable to pay interest under section 234 B assuming that ABC & Co.
fails to deduct TDS while making payment of interest to Mr. Jitendra?

In continuation of the above, what would have been your answer, if Mr. Jitendra does not carry on any business or profession?

Identify the person not required to pay advance tax at all.

At the time of calculation of interest payable under the Act, the amount on which interest is payable, shall be rounded off, always on _____ side in multiple of Rs. ___.

In order to avoid interest u/s. 234 C of the Act for the first instalment of advance tax, the company shall ensure that it had paid atleast ___________% of tax due on returned income.