Advance Tax

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

24 July 2010 Dear all,

The tax liability of an assesee is Rs. 12176 of FY 2009-10 and he has TDS of Rs. 8654.Is he liable to pay the advance tax

Ram Avtar Singh

Ram Avtar Singh (Expert)
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24 July 2010 Under the existing provisions of section 208 the Income-tax Act, liability for payment of advance tax during a financial year arises when the amount of such taxes payable during that year are Rs.10,000/-or more.

Its applicable from the 1st April, 2009. Hence, advance-tax for the financial year 2009-2010 would be payable only if the advance tax liability is Rs. 10,000/- or more.

CA Sanat Pyne

CA Sanat Pyne (Expert)
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24 July 2010 IN YOUR CASE HE IS NOT LIABLE TO PAY ADVANCE TAX.

CA. BIJENDER KR. BANSAL

CA. BIJENDER KR. BANSAL (Expert)
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24 July 2010 AGREE, IN YOUR CASE HE IS NOT LIABLE TO PAY ADVANCE TAX. THE TAX LAIBLITY RS.12176- RS.8654 IS PAID AS SELF ASSESSMENT TAX.

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