Advance tax

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If your total income tax liability for the year is £10,000 or more, you are generally required to pay advance tax. The amount deducted by your employer (TDS) might be lower than your actual tax due after considering deductions like those under Section 80C. It's advisable to calculate your net taxable income and consult a professional to ensure accurate advance tax payments.

Clinton Hinchcliffe

Clinton Hinchcliffe (Querist)

01 February 2020 Sir if monthly gross income of a salaried person is 100000 and monthly tax deducted and paid by the employer of the person concerned is Rs 3000.Will he be liable to pay advance tax ?

RAJA P M

RAJA P M (Expert)

02 February 2020 Yes... I think, The 3000 is very lesser amount of TDS. May be TDS will be deductible around 13k in every month after claim 80C limit... Better to check out with Your consultant.

Aashok Kumar Sharma online

Aashok Kumar Sharma

(Expert)

26 May 2020 If you Income Tax liability is equal to or more than Rs. 10K you need to pay Advance Tax as per Income Tax. Please calculate Net Income liable to tax after all deductions and rebates.

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