Advance Tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
18 May 2010
is advance tax payment is compulsory for salaried person and tell also the aplicability of Section 234B and 234C in this case if they failed to pay the advance tax
Manish V. Khatri
(Expert)
18 May 2010
If Salary is only the source of Income of person, then Employer is liable to deduct Tax Deducted at Source (“TDS”) where he/she is working and hence no need to pay advance tax by a person\employee.
It is province of employer to deduct the TDS from an employee Salary subject to rules/regulation etc as mentioned under the Income-tax Act, 1961.
For your Information:
TDS = Advacne Tax
It is province of employer to deduct the TDS from an employee Salary subject to rules/regulation etc as mentioned under the Income-tax Act, 1961.
For your Information:
TDS = Advacne Tax
18 May 2010
What Manish has said is correct. Also, the interest under section 234B and 234C arises only when the advance tax liability is more than Rs.5,000 during your previous year.
18 May 2010
AGREE WITH EXPERTS.
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