Advance tax

This query is : Resolved

CA Gaurav Ajit Potdar (Querist)
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20 March 2013 If tax payable before deducting TDS deducted is 20000 & after TDS is
2000 is advance tax & sec 234B & C applicabl
e.

Prakash Tolani

Prakash Tolani (Expert)
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20 March 2013 no if after TDS tax payable is 10000 or more

Sumit Grover

Sumit Grover (Expert)
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21 March 2013 Yes it shall be applicable, since in your case the total advance tax liability exceed Rs. 1000..

CA Gaurav Ajit Potdar

CA Gaurav Ajit Potdar (Querist)
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21 March 2013 Sumit total advance tax liability exceeds 1000 means?? can you elaborate

Prakash Tolani

Prakash Tolani (Expert)
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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

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CA Gaurav Ajit Potdar

CA Gaurav Ajit Potdar (Querist)
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21 March 2013 i had a doubt weather tax payable should be before deducting TDS or after., thanks Prakash for clearing it.

Sumit Grover

Sumit Grover (Expert)
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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