Advance tax calculation
This query is : Resolved
Syed Ghouse Pasha
(Querist)
21 August 2013
my actual tax liability is 11,500/- i have got tds of 5000/-, whether 234b and 234c interests are applicable on remaining 6500/- tax
CMA Ramesh Krishnan
(Expert)
21 August 2013
yes, since your tax liability is more than Rs.10000. so you are liable to make advance tax, so sec.234b&c apply
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CA VISHNU GAVKARE
(Expert)
22 August 2013
Dear Ramesh,
As per provisions tax shall be liable if net tax payable exceeds 10,000. since your tax after Tds is below Tds is not applicable.
Do correct me if I have misread the provisions.
As per provisions tax shall be liable if net tax payable exceeds 10,000. since your tax after Tds is below Tds is not applicable.
Do correct me if I have misread the provisions.
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CMA Ramesh Krishnan
(Expert)
22 August 2013
Dear Vishnu Gavkare ji.. please refer the section.208
Advance tax shall be payable during a financial year in every case where the amount of such tax payable by the assessee during that year, as computed in accordance with the provisions of this Chapter, is 43[ten thousand] rupees or more.]
Section says that tax payable only. not net tax payable after TDS
but while calculating the advance tax percentage calculation, TDS also can be considered as payment
Advance tax shall be payable during a financial year in every case where the amount of such tax payable by the assessee during that year, as computed in accordance with the provisions of this Chapter, is 43[ten thousand] rupees or more.]
Section says that tax payable only. not net tax payable after TDS
but while calculating the advance tax percentage calculation, TDS also can be considered as payment
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