Advance tax
This query is : Resolved
19 February 2013
i have a query related to advance tax n tds... In an article i've read that an individual must pay the tax in advance if his total tax payable exceeds rs. 20000. And at the other hand, in a well known ref. Book i've read that if advance tax payable [total tax - tds] amount does not exceeds rs. 10000 then it is nt necessory to pay the tax in advance.
In a case, total tax payable is rs. 37200. And tds deducted rs. 32000. So self assessment tax comes rs. 5200. Then should that person pay the tax in advance or not? Is he guilty n liable to pay the penalty if he did nt pay the advance tax?
Thnx...
In a case, total tax payable is rs. 37200. And tds deducted rs. 32000. So self assessment tax comes rs. 5200. Then should that person pay the tax in advance or not? Is he guilty n liable to pay the penalty if he did nt pay the advance tax?
Thnx...
19 February 2013
Dear Krunal,
the advance tax becomes applicable if your overall tax liability exceeds Rs 10,000. The same needs to be liquidated via advance tax or TDS.
As at 15 March of the previous year, 100% of your tax liability should be paid off.
In your case, Rs 5200 should be paid via advance tax.
In case of non-payment, you shall be liable to pay interest penalty under section 234B (for payment of advance tax less than 90% of the tax liability before the due date).
the advance tax becomes applicable if your overall tax liability exceeds Rs 10,000. The same needs to be liquidated via advance tax or TDS.
As at 15 March of the previous year, 100% of your tax liability should be paid off.
In your case, Rs 5200 should be paid via advance tax.
In case of non-payment, you shall be liable to pay interest penalty under section 234B (for payment of advance tax less than 90% of the tax liability before the due date).
20 February 2013
thnx nikhil.........
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