Sir, I am a salaried person & comes under 30% slab. I have given my house on rent from August'13 onwards, now I want to know whether I shall pay advance tax for the rent received on quaterly basis or I can pay the tax at the time of filing my return after adding the rental income in ITR-2. I am getting Rs 8000/ month & comes in 30% tax slab. I understand that the taxable amount is Rs 5600/month after deducting 30% on account of maintenance. Request you to kind educate me on the subject matter. Regards, VS
1 Answers
In order to avoid interest penalty u/s 234B and 234C, its advisable to pay advance tax on time (by quarterly payments).
Thanks for your reply, I will pay tax by E-payment & I understand the followings codes shall be filled in challan no. 280. 1) Tax applicable - (0021)INCOME-TAX (OTHER THAN COMPANIES) 2)Type of payment - Pl confirm the code 100(adv tax), 200(self assessment tax ) or 300 (Tax on regular tax) or any other type as mentioned in Challan No./ITNS/280,
Pl confirm the above to enable me to pay my taxes.
Regards VS
If paying before 31st March, you need to select code 100 - advance tax, after that, it would be 300 - SELF ASSESSMENT TAX
Related