Do I need to file Advance tax if employer has not deducted TDS

TDS 200 views 2 replies
User Avatar

Software Engineer
38 Points Joined June 2013

Hello Experts,

I joined new company in  March and new company has paid my March salary without deducting TDS.

Do I need to pay Advance Tax by March 31 or can I pay it later also as self-assessment tax ?

My TDS liability is more than 10000 rs.

Thanks

0 Reply Share Follow
On 30 March 2025 at 17:16 Report
Replies (2)
User Avatar

Master in Accounts & high court Advocate
9142 Points Joined December 2011

Since your new company didn't deduct TDS on your March salary, you'll need to address this tax liability. Advance Tax or Self-Assessment Tax: - *Advance Tax*: You're required to pay Advance Tax if your tax liability exceeds ₹10,000 in a financial year. Since your TDS liability is more than ₹10,000, you should pay Advance Tax. - *Due Date*: The last installment of Advance Tax for FY 2023-24 is due on March 15, 2024. However, since you've missed this deadline, you can still pay the tax liability by March 31, 2024, to avoid interest and penalties. Self-Assessment Tax: - *Option*: You can also pay the tax liability as Self-Assessment Tax while filing your Income Tax Return (ITR) by the due date (usually July 31, 2024). - *Interest and Penalties*: Keep in mind that paying Self-Assessment Tax later may attract interest and penalties, which can be avoided by paying Advance Tax. Recommendation: 1. *Pay Advance Tax*: To avoid interest and penalties, consider paying Advance Tax by March 31, 2024. 2. *Consult a Tax Professional*: If you're unsure about the process or have specific questions, consult a tax professional. 3. *Maintain Records*: Keep records of your tax payments, including Advance Tax or Self-Assessment Tax, to ensure accurate reporting in your ITR.

1 Reply
On 30 March 2025 at 22:40
User Avatar

Software Engineer
38 Points Joined June 2013

Thanks Mr. Rama for a very well explained answer. 

Reply
On 31 March 2025 at 13:33


CCI Pro

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Threads

More recent discussions | Post

Related Threads
Loading