Advance tax
This query is : Resolved
CA Gaurav Ajit Potdar
(Querist)
20 March 2013
If tax payable before deducting TDS deducted is 20000 & after TDS is
2000 is advance tax & sec 234B & C applicabl
e.
2000 is advance tax & sec 234B & C applicabl
e.
Prakash Tolani
(Expert)
20 March 2013
no if after TDS tax payable is 10000 or more
Sumit Grover
(Expert)
21 March 2013
Yes it shall be applicable, since in your case the total advance tax liability exceed Rs. 1000..
CA Gaurav Ajit Potdar
(Querist)
21 March 2013
Sumit total advance tax liability exceeds 1000 means?? can you elaborate
Prakash Tolani
(Expert)
21 March 2013
Advance tax liability arise when tax payable is more than 10000. Tax payable means total tax minus tds.
In your case, tax payable is 2000, being less than 10000 so there is no advance tax liability
In your case, tax payable is 2000, being less than 10000 so there is no advance tax liability
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CA Gaurav Ajit Potdar
(Querist)
21 March 2013
i had a doubt weather tax payable should be before deducting TDS or after., thanks Prakash for clearing it.
Sumit Grover
(Expert)
22 March 2013
Aplogies......I misread the net income tax liability(after adjustment of TDS) as Rs. 20,000 instead of Rs. 2,000.
No Advance tax liability shall arise
No Advance tax liability shall arise
22 July 2013
Yes I agree with the experts.
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