Advance tax
This query is : Resolved
25 October 2012
Plz tell me whether advance tax is applicable if there is no other income other than salary...... and let me know whether tds should be deducted along with interest if not deducted on due dates monthly?
CA. Subhash Dangi
(Expert)
25 October 2012
It is obligation on the part of employer to deduct the tax on Salaries of its employee on monthly basis where their salary exceeds the maximum exemption limit and should be remitted to IT authority within due date under section 192 of IT Act.
If the TDS is not deducted within monthly due dates, interest @ 1% from the date on which tax ought to be deducted to till the date of actual deduction and interest @1.5% from the date of deduction to actual payment of TDS are applicable.
If the TDS is not deducted within monthly due dates, interest @ 1% from the date on which tax ought to be deducted to till the date of actual deduction and interest @1.5% from the date of deduction to actual payment of TDS are applicable.
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CA. Subhash Dangi
(Expert)
25 October 2012
As far as salary is concerned, monthly deduction and its remittance is nothing but advance tax.
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