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Surat textile traders urged to pay advance tax

The Federation of Surat Textile Traders Association (FOSTTA) has appealed to all traders in the country's largest man-made fabric markets to pay their advance tax to the Income Tax department at the earliest. The department has exhorted the trader community to pay advance tax to escape being charged one per cent every month.

Advance tax is the income tax payable if the payer’s liability exceeds Rs 10,000 in a financial year. Advance tax should be paid in the year in which the income is received. Hence, it is also known as pay-as-you-earn scheme. Any rebate due fetches the payer an interest of 0.5 per cent every month, or six per cent annually, as in the case of an income tax refund. However, if the payer doesn't pay the advance tax on time, he’ll be charged one per cent every month, or 12 per cent a year.

FOSTTA has urged traders to pay advance tax on time on their annual income. This is expected to save the department time as well as provide relief to traders from paying 12 per cent extra. FOSTTA is an association of textile processing units of the Surat textile market. There are around 60,000 traders and 160 markets associated with it.

www.fostta.com/

 
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