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Income Tax - Frequently Asked Questions (FAQs) |
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FAQ on Advance Tax |
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What should I do on receiving the notice from income-tax department for the payment of advance tax, if my actual income is more than what is determined by the tax officer? |
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Ans. Assessing Officer can serve an order requiring the assessee to pay advance tax, if he is of the opinion that such person is liable to pay advance tax. However, if you feel that year advance tax liability is lower than the liability calculated by the income-tax officer; you may file an estimation of the income and amount of tax payable thereon Such information should be submitted in Form No. 28A to the Assessing Officer Alternatively, In case the tax demand calculated by the Income-tax officer is lower than the tax liability computed by you, you should pay the advance tax as per your own computation. No intimation to Income-tax officer is required to be made in such cases. |
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