Advance tax
This query is : Resolved
22 March 2011
I want know whether salaried individual person are required to pay advance tax or it is applicable to company only?If yes then what about TDS deducted from salary by employer?
Also mention exact section in IT act governing this.
Also mention exact section in IT act governing this.
22 March 2011
If the salaried individual has only income rom salaries and proper TDS cut by employer then he need not pay any advance tax.
Ram Avtar Singh
(Expert)
22 March 2011
ADVANCE TAX THRESHOLD LIMIT IS 10000/=
Advance tax applies to individuals whose incomes are not subject to tax deduction at source (TDS).
This directly impacts the self-employed in the lower tax slab. This tax is also payable on income on account of interest, tuition fee, rent, trading of securities and consultancy work.
Advance tax is paid every quarter. If not paid on time, it attracts a penalty at an annualised rate of 13 per cent.
Advance tax applies to individuals whose incomes are not subject to tax deduction at source (TDS).
This directly impacts the self-employed in the lower tax slab. This tax is also payable on income on account of interest, tuition fee, rent, trading of securities and consultancy work.
Advance tax is paid every quarter. If not paid on time, it attracts a penalty at an annualised rate of 13 per cent.
24 March 2011
Thanx Ram sir for reply.But I want to know if employee's advance tax is above 10000 & his employer is also deducting TDS from his salary, then he required to pay AT.
Ram Avtar Singh
(Expert)
25 March 2011
If any other income then pay advance tax
if only salary TDS has been deducted by employer then no need to pay any tax.
if only salary TDS has been deducted by employer then no need to pay any tax.
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