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.........
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- Difference between Date of Payment and Date of Deduction?
- Unregistered suppliers utility
- ITDS U/S.194T of Firm
- EXPORT COMMERCIAL INVOICE HSN CODE
- GST Rate for Catering Services
- LIC maturity claim whether taxable
- TDS AND ITR ISSUE
- Non-Compliance documents have not been submitted by the contractors debited
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
