if a salaried employee with no other source of income fills up advance tax because of the advertisements in the paper.
his tds is to be deducted by the company which will make him pay twice the money.
since tds is the liability of the company and as advance tax has been paid by the employee himself , can somehting be done so as to avoid the company from cutting tds from the employees salary on account of advance tax paid to nsdl.
please advise.
When your ITR is filed, you can show excess paid as refund & claim it. Whatever is paid in excess can be claimed as refund.
Employee Should Inform Employer That He Paid Advance Tax....& Remaining Amount Will Be Deducted by Employee.........
In This Case, & Employer Should Get A Letter in Writting From Employee About Tax Challan Photo Copy.
There is no procedure as to inform the advance tax to the employer, since the TDS would already have been deducted & remitted to the Government by employer regularly. The only way is to claim refund in your return.
I do agree with Uday & Divya there is no such procedure, as said by Ayush.
Yes agreed with Mr. Uday
as Instead of TDS He Can Show Advance Tax....Why EE Go for Refund......
yes, the employee will have to file return with claiming the refund..
no other choice..
iam agree with uday.......
As if TDS is deducted,then the liability to pay more tax will be nil (because there is nt any other source of income). liability to pay advance tax arises, wn the advance tax payable is rs 5000 or more,but in the given case the whole liability is paid in the form of TDS.so no liability related to advance tax arises.
hi
Advance Tax applicable only calculation of taxable income TAx ON INCOM + Educational Cess @ 3% - (Less)TDS (it is deducted Employer or any company Etc..) it is more than Limit of Rs.10000 As per Finance ACT FY 2009-10 (Refer Income Tax ready Reckoner) then only applicable of Advance Tax if less than Rs.10000 there is no need for pay the advance it is not attract U/s 234B and u/s 234B less than Rs.10000
by
mani
Uday is right
CAclubindia
