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Do a chemists need to pay Advance Tax?

Advance Tax Deducted

Chemists Need to Pay Advance Tax

 

Whether a chemistS needs to pay advance tax depends on the following factors:

  1. The chemist’s total tax liability for the financial year
  2. Whether the chemist is a senior citizen
  3. 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:

  1. First instalment: 15th June
  2. Second instalment: 15th September
  3. Third instalment: 15th December

 

To visit: https://www.mca.gov.in/

 

For further details access our website: https://vibrantfinserv.com

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