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.
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.
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