Advance Tax
This query is : Resolved
19 March 2010
Hi
I am yatin, working as an accountant with Market Search organization, my querry is one of our employee has tax liability of 90000/- for which i have already deducted tds of 50000/- rest i m going to deduct from march month's salary, before doing so, employee had already paid the rest amount as advance tax. Now the problem is
1. how to show in Form 16, coz in form 16 there is no column of Advance tax
2. e tds return for quarter four in which we have to mention employee salaray computation details, where also advance tax column is not there
3. finaly, tax payable of 40000/- denotes that company hasn't deducted tds from employee salary which is mandatory
plz help
I am yatin, working as an accountant with Market Search organization, my querry is one of our employee has tax liability of 90000/- for which i have already deducted tds of 50000/- rest i m going to deduct from march month's salary, before doing so, employee had already paid the rest amount as advance tax. Now the problem is
1. how to show in Form 16, coz in form 16 there is no column of Advance tax
2. e tds return for quarter four in which we have to mention employee salaray computation details, where also advance tax column is not there
3. finaly, tax payable of 40000/- denotes that company hasn't deducted tds from employee salary which is mandatory
plz help
19 March 2010
yatin,
what you can do is, reimburse those money to that employee, take payment details from him e.g. Date of deposit, BSR Code etc.
1. In form 16 no need to put it as advance tax, just put it in the row like normal TDS deducted & paid.
2. same way in ETDS.
Nazir
what you can do is, reimburse those money to that employee, take payment details from him e.g. Date of deposit, BSR Code etc.
1. In form 16 no need to put it as advance tax, just put it in the row like normal TDS deducted & paid.
2. same way in ETDS.
Nazir
19 March 2010
Hi Nazir,
Thx for ur prompt reply, but as u asked me to get payment details of chalans from employee, it will show as a advance tax (tick mark against adv tax column) n not tds deducted by company.
Thx for ur prompt reply, but as u asked me to get payment details of chalans from employee, it will show as a advance tax (tick mark against adv tax column) n not tds deducted by company.
19 March 2010
yatin,
i can understand your concern, see the ultimate moto is to pay income tax which is already done (either by employer or employee), so dont worry its ok if this tick is to advance tax, you can proove it anytime saying that it was unknow to you when employee paid this and you corrected it proactively by reimbursing those money to him.
Regards,
Nazir
i can understand your concern, see the ultimate moto is to pay income tax which is already done (either by employer or employee), so dont worry its ok if this tick is to advance tax, you can proove it anytime saying that it was unknow to you when employee paid this and you corrected it proactively by reimbursing those money to him.
Regards,
Nazir
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Accounting treatment of AMC alongwith the purchase of Laptop
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Issuing of delivery challan by seller of goods
- Taxation of crypto futures in India Fy 2026- 2027
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- EPF ECR NEW RULES Sep 17th 2026
- Transfer of Physical Stock Between Two Proprietorship Concerns
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
