Advance tax

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CA Santosh Havanur (Querist)
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18 July 2012 Warm Regards

Whether a person having Salary Income, SOP Loss, small amount of Interest income have to pay advance tax or he is exempt from it.

Please also confirm as whether he need to pay Advance tax if he is having only salary income.

Thanks in Advance.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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18 July 2012 Advance tax applicable, when the tax liability exceeds Rs.10000/- Salaried persona also covered this category. only thing, while calculating eligibility you can consider the TDS deducted by the employer also.

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CA Santosh Havanur

CA Santosh Havanur (Querist)
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18 July 2012 Thank you sir. So the only special provision is we have to deduct TDS from the assessed tax to compute the eligibility.

CA Prashant Gupta

CA Prashant Gupta (Expert)
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18 July 2012 dear Santosh
if your tax is more than 10000/- then advance tax will be calculating by Tax-TDS. So you can't ignore if tax-TDS is less than 10000

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