Why advance tax & tds
This query is : Resolved
17 December 2013
Hi all
What is advance tax and actullay we are paying tax (through TDS) again why we need to apy Advance tax.
Ok, advance tax is pay accordingly will it be adjusted aganist the TDS paid amount.
Please clarify me the concept of Adnvance tax and TDS difference.
Regards
VJY
What is advance tax and actullay we are paying tax (through TDS) again why we need to apy Advance tax.
Ok, advance tax is pay accordingly will it be adjusted aganist the TDS paid amount.
Please clarify me the concept of Adnvance tax and TDS difference.
Regards
VJY
17 December 2013
Advance Tax and TDS both are based on the concept of pay as you earn. Yiu eill get credit of both from the amount of income tax payable. You need to Advance tax after considering estimated tax liability and the TDS deducted from you. So if estimated tax liability is more than the TDS actually deducted from you only then you need to pay advance tax.
17 December 2013
Hi sanjay
Its ok, but why there is a Limit for Advance tax(Rs.10000)
Its ok, but why there is a Limit for Advance tax(Rs.10000)
17 December 2013
That is kept to track all those having above 10,000 income est in fy.
17 December 2013
This is exemption limit. Only if your tax liability is more than Rs 10000/- you are required to pay advance tax. No specific reason.
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