Chemists Need to Pay Advance Tax
Whether a chemistS needs to pay advance tax depends on the following factors:
- The chemist’s total tax liability for the financial year
- Whether the chemist is a senior citizen
- Whether the chemist has opted for the presumptive taxation scheme
If the chemist’s total tax liability for the financial year is equal to or more than Rs. 10,000, then he/she is required to pay advance tax.
However, if the chemist is a senior citizen (i.e., an individual of the age of 60 years or above during the financial year) and does not have any income from business or profession, then he/she is not liable to pay advance tax.
The presumptive taxation scheme is a simplified taxation scheme for small businesses. Under this scheme, the chemist’s taxable income is estimated at 8% of his/her turnover.
If the chemist has opted for the presumptive taxation scheme, then he/she is required to pay 100% of the advance tax on or before 15th March of the financial year.
So, to answer your question, whether a chemist needs to pay advance tax depends on the specific circumstances of the chemist.
If you are a chemist and you are unsure whether you need to pay advance tax, you should consult with a tax advisor.
Here are the due dates for payment of advance tax for the financial year 2023-2024:
- First instalment: 15th June
- Second instalment: 15th September
- Third instalment: 15th December
To visit: https://www.mca.gov.in/
For further details access our website: https://vibrantfinserv.com
