Advance Tax for Rent received

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

asked Jan 08 '14 at 14:28 by sakiv1089 18681335


In order to avoid interest penalty u/s 234B and 234C, its advisable to pay advance tax on time (by quarterly payments).

answered Jan 11 '14 at 09:38 by Pankaj Batra 5.2k320

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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
(Jan 17 '14 at 14:15) sakiv1089
1
If paying before 31st March, you need to select code 100 - advance tax, after that, it would be 300 - SELF ASSESSMENT TAX
(Jan 17 '14 at 17:08) Pankaj Batra

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Asked: Jan 08 '14 at 14:28

Seen: 1,245 times

Last updated: Jan 17 '14 at 17:08