Get 3 Yrs of CCI Pro Membership at Greater Value. Subscribe Now!

Advance tax

Save Share

This query is : Resolved

M S UMESH (Querist)

31 December 2018 I have a salary income of Rs.12,00,000/- and interest income of Rs.3,00,000/- which has suffered TDS. My salary TDS is done on my salary by by my employer.
I pay House rent of Rs.1,25,000/-, which I have not declared to my employer. Exemption on account of this is claimed while filing my IT.
After adjustment of interest income, and claiming benefit for rent paid, I am required to pay a income tax of about Rs.6000/-. Am I liable to pay advance tax on this Rs.6000/-? Experts may kindly clarify.

suresh

suresh (Expert)

31 December 2018 Advance Tax calculated on estimate income should be nearest. But if there is short payment more than 10% or non payment or late payment of advance tax, interest shall be payable on the amount of shortfall. so if your balance tax payble of Rs.6000/- is less than 10% of total tax payble by you, no interest will be charged and you can pay as self assessment at the time of filing your income tax return.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now