Day: February 14, 2025

Section 401 bars direct tax demand if TDS is deducted, limiting assessee’s liability to the deducted amount for Tax Year 2025-26.

Section 402 of the Income Tax Act 2025 defines key terms like administrator, agricultural land, buyer, e-commerce operator, rent, royalty, and specified person.

Advance tax is payable on current income, except for Indian residents aged 60+ without business/professional income. (Section 403, Income Tax Act 2025)

Advance tax is payable if the assessee’s tax liability for the year 2025-26 is ₹10,000 or more, as per Section 404 of the Income Tax Act 2025.

Advance tax under Section 405(1) of the Income Tax Act 2025 is computed as: A = B – C, considering specified income, TDS, and net agricultural income.

Assessee must pay advance tax on estimated income by due dates, can adjust amounts in later instalments if income estimate changes.

Assessee must pay advance tax if ordered by AO, based on specified income, with instalments, subject to amendments and self-estimation of current income.

Advance tax is payable in four instalments by due dates: 15th June (15%), 15th Sept (45%), 15th Dec (75%), and 15th March (100%) per Section 408, Income Tax Act 2025.

Assessee is in default if advance tax is unpaid, no intimation is sent, or self-estimated tax isn’t paid as per Sections 407 & 408 of Income Tax Act 2025.

Section 410 of the Income Tax Act 2025 grants credit for advance tax paid (excluding penalty or interest) against the assessee’s tax liability for the relevant year.

Tax payable within 30 days of demand notice; default attracts 1% monthly interest. AO may extend time or allow instalments. Assessee deemed in default on non-payment.

Penalty on tax default under Section 412 of Income Tax Act 2025 is imposed in addition to arrears & interest, capped at tax due, with relief for valid reasons or reduced tax.