Advance tax liabilities
This query is : Open
Krishan Kumar Goyal
(Querist)
10 October 2017
Dear sir,
If a senior citizen have salaried income, interest income, and income from business or profession. On his business income TDS has been deducted but now he is filling his income tax return the income tax software shows interest on advance tax while TDS has been deducted on Income from Business or Professional.
My question is that
when the tds has been deducted on income from business or profession it means we have deposit income tax on income from business or profession now why is advance tax liabilities arise.
If a senior citizen have salaried income, interest income, and income from business or profession. On his business income TDS has been deducted but now he is filling his income tax return the income tax software shows interest on advance tax while TDS has been deducted on Income from Business or Professional.
My question is that
when the tds has been deducted on income from business or profession it means we have deposit income tax on income from business or profession now why is advance tax liabilities arise.
K Srinivas, CMA CS
(Expert)
10 October 2017
TDS has been deducted for Business income, no doubt. But, advance tax must be calculated on whole taxable income less TDS and if the tax thus calculated exceeds Rs.10,000 advance tax is still payable
Ashiwini Ballodia
(Expert)
10 October 2017
Totally agree with K Srinivas Sir.
You have to calculate interest on entire income
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