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Applicability of Advance Tax
An employee(the DDO himself) is liable to pay tax Rs.33000.But he paid 4000 each for 3 months starting from Nov-2009 from the paybill(TDS). will he attract any penalty for not complying with the norms under Advance TAx. Can any one explain when this Advance tax is applicable?.
Replies (3)
Sorry for adding this postscriptt. what is the difference between TDS and Advace tax as any tax paid(through TDS) in advance is Advance Tax,why are there two columns in the ITR-1
TDS is the tax deducted at source..and advance tax is tax paid by one if he thinks the tax payable by him is to exceed rs. 5000 in the year
As per the income tax act sec 208 speaks if the tax is payable exceeds Rs 5,000.00 , the assesse is required to pay the Advance tax as per the dates mentioned i .e if he or she 15 of the September, December and March. in your case you are the assesse who ill come in all criterai, so even you have paid Rs 12,000 as advance tax or TDS you are required to pay 90% or more as Advance tax thart ill come to Rs 29,700/- now you have chance to pay remaining quarter of Rs 17,700. calculate once again your income and then pay last installement advance tax in the march else you ill be end up with INTEREST U/S 234 B. there is no penalty.
Regards
Anil A M
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