Advance tax liability
This query is : Resolved
NASIM AKHTAR
(Querist)
03 April 2015
Sir,
Whether salaried employees are liable to pay advance tax?
03 April 2015
Salaried Employees are not liable to pay advance Tax on their income from Salary since TDS (Which is also a form of Advance Tax) is deducted from them u/s 192.
CMA Ramesh Krishnan
(Expert)
03 April 2015
Yes. Advance tax liability applicable for Salaried employee also. how ever for arriving advance tax liability you can consider the TDS deducted from employer also before payment of tax
CMA Ramesh Krishnan
(Expert)
03 April 2015
Sanjay ji. Since the advance tax provision applicable to all the cases. not given exemption for any one. sec.208 applies for the tax exceeds Rs.10000. so my view is differ
03 April 2015
Ramesh Ji
Advance Tax is applicable for Income Other Than Salary.
Please note that in case of salaried employees, the advance tax liability is to be computed on the income other than salary income. TDS deducted by the employer is not to be adjusted against this liability.
See Link: https://finotax.com/income-tax/intt234
Advance Tax is applicable for Income Other Than Salary.
Please note that in case of salaried employees, the advance tax liability is to be computed on the income other than salary income. TDS deducted by the employer is not to be adjusted against this liability.
See Link: https://finotax.com/income-tax/intt234
Message likes :
1 times
CMA Ramesh Krishnan
(Expert)
03 April 2015
Thanks for the healthy discussion.
The extract from the section below:
[Conditions of liability to pay advance tax.
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 97[ten thousand] rupees or more.]
But practically as you told since the TDS deducted from salary, advance tax question may not raise for salaried case
The extract from the section below:
[Conditions of liability to pay advance tax.
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 97[ten thousand] rupees or more.]
But practically as you told since the TDS deducted from salary, advance tax question may not raise for salaried case
Message likes :
1 times
03 April 2015
Thank you Ramesh Ji. It always knowledgeable discussing with you.
Seen the section. No specific exemption is there under 208. But you would agree conceptually no advance tax to be paid by Salaried Employees on Salary Income. It is the liability of employer to deduct TDS u/s 192.
Ref: Uttarakhand High Court decision in the case if DIT V. Maersk Co Ltd (2011) 198 Taxman 518
Seen the section. No specific exemption is there under 208. But you would agree conceptually no advance tax to be paid by Salaried Employees on Salary Income. It is the liability of employer to deduct TDS u/s 192.
Ref: Uttarakhand High Court decision in the case if DIT V. Maersk Co Ltd (2011) 198 Taxman 518
Message likes :
1 times
CMA Ramesh Krishnan
(Expert)
03 April 2015
Yes, ofcourse I too agree your view. Conceptually advance tax requirement will not arise for Salaried employee.
Thanks.
Thanks.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Reward for festival
- Clarification on GST, TDS, and Accounting Provisions for Import/Export
- Clarification on GST, TDS, and Accounting Provisions for Import/Export Commission Agents,profes. ser
- Import of Capital Machine
- Capital gain on commercial property and investment in residential property
- TDS Return Statement Status
- Rent agreement of House of deceased person
- ARCA LOGIN
- Closer of business and itc of capital goods
- Rectification under processing even after 6 months cpc portal
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
- ITC not to be taken in accounts & GSTR-3B
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
