If one person has only Professional Receipts and TDS has been properly deducted on every receipt. Do he still obliged to pay Advance Tax. Let me know Pls.
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Advance Tax
Replies (5)
IF TOTAL TAX-TDS deducted>5000, then liability of advance tax will create
There is no nexus between TDS on receipts and advance tax...
TDS is on total amount of receipts, but advance tax is on Net Profits after qualified deductions (VI A) .
For example TDS may be at the rate of 10% whereas the assesse can fall under 20% or 30% slab (in case of individual ).
Estimate the total income properly and pay the advance tax .....
There is no nexus between TDS on receipts and advance tax...
TDS is on total amount of receipts, but advance tax is on Net Profits after qualified deductions (VI A) .
For example TDS may be at the rate of 10% whereas the assesse can fall under 20% or 30% slab (in case of individual ).
Estimate the total income properly and pay the advance tax .....
ADVANE TAX IS TO BE PAID IF GROSS TAX MINUS TDS AMOUNT IS GREATER THAN RS.5000/- THERE IS NO NEXUS OF TDS & ADVANCE TAX
ya i am support of all the replies....
there is no nexus between advance tax and tax deducted at source
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