payment of income tax- self assessmsnt individual

This query is : Resolved 

Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
19 September 2010 a consultant gets a monthly payment less of TDS every month. should he pay balance tax on a monthly basis OR advance income tax on 15th July, 15th sept, 15th dece, 15th march OR can pay entire balance tax before filing return by 31st july next year?

payment of income tax- self assessmsnt individual -income from profession

19 September 2010 well, if any person is receiving his income on regulars basis than he is required to pay balance tax as advance income tax on 15th July, 15th sept, 15th dece, 15th march as the case may be..

otherwise he will be liable to pay interest u/s 234A/B/C..

further ITO is also entitled to ak for assessee to deposit advance tax

19 September 2010 Being an individual, 15th July is not applicable.

Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
19 September 2010 obviously i missed 15th sept. is it advisable to pay now (to save interest) or it doesnt matter i pay now or before 15th december

19 September 2010 i agree with mr. B.Chackrapani Warrier

19 September 2010 Can't save interest if u pay now. Pay on or before 15th December.

19 September 2010 you can pay on or before 15 dec. But interest will be applicable as per provisions if you missed 15 sept.

Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
19 September 2010 on similar lines, on other income say BANK FDs, is it must that we pay balance tax on these dates? If yes, how every individual can monitor this?

Nowadays in few banks there is auto FD facility & they issue TDS certificates at the end of the accounting year.

20 September 2010 TDS is treated as advance tax. if bank has deducted TDS then it will be deducted from your advance tax liability. But if your tax is more i.e. you are on 30% slab then you have to pay advance tax on it as bank will deduct less TDS.
for auto FD bank credited interest on every modification in FD balance. you can check it in your bank statement and then can calculate tax on it.


You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now



Similar Resolved Queries


loading


Unanswered Queries



CCI Pro

Follow us
add to google news


Answer Query



Company
05 July 2026
Financial Controller

NovumLake Partners

Mumbai

CA

View Details
Company
12 June 2026
Accounts & Taxation Executive

Winshine Financial Services

Mumbai

CA Inter

View Details
Company
ARTICLESHIP 09 June 2026
Article Trainee

Numbertree LLP

Mumbai

CA Inter

View Details
Company
25 June 2026
Accounts & Taxation Executive

Dindukurthy & Associates

Hyderabad

MBA

View Details
Company
ARTICLESHIP 27 June 2026
CA Articled Trainee And Paid Assistant

SKAA & Associates

New Delhi

CA Inter

View Details
Company
ARTICLESHIP 28 June 2026
Article Assistant

Sharma Chetan And Company

Gurgaon

CA Inter

View Details
Company
20 June 2026
Assistant Accounts Manager

Fintax Professionals

Gurgaon

CA Inter

View Details
Company
24 June 2026
Chartered Accountant

CA Darshita Shah & Co

Nadiad

CA

View Details