Advance TAx

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Divya Karthik (Querist)
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18 December 2010 Dear Experts,
Can u tell me the limit of advance tax to be paid for a resident individual for the FY 2010-11.

If advance tax is paid, is there a need to deduct TDS if the person's income is salary income?

Pls guide

CA. R. B. SAH

CA. R. B. SAH (Expert)
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18 December 2010 sir, if you have income from salary which exceeds the maximum limits not chargeable to tax, then TDS will be deducted from your income.Balance tax payable after deducting TDS is advance tax liability.

limit for f.y.2010-11 is Rs.10,000/-.

TDS will be deducted from salary income even though advance tax has been paid by assesee.

Divya Karthik

Divya Karthik (Querist)
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18 December 2010 what is the due date for payment of advance tax for individuals?

CA Vinay Gandhi

CA Vinay Gandhi (Expert)
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18 December 2010 Next installment of Advance tax has to be paid on or before March 15,2011.
If total tax payable is more than Rs.10,000, then one must pay advance tax.
In case of salary, if your salary income exceeds exemption limit, your employer pays you salary after deducting TDS.
The present exemption limit for a resident individual is Rs.1,60,000/-

Divya Karthik

Divya Karthik (Querist)
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18 December 2010 IF Advance Tax is paid by the individual, then is it mandatory to deduct TDS on salary?

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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18 December 2010 TDS will be mandatory first, while paying Advance tax you can consider the TDS deducted amount and balance you can pay and match with limit of advance tax

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