Hi Guys/gals
I have a small question related to TDS and Advance Tax. Can anybody let me know what is the difference of the above topics in case of Employee.
I have the question as The company will deduct the TDS From the salary of the employee as a part of its obligation u/s 192 and at the same time it is also asking every person which includes individual employee to submit the self assessment Tax Return which isnothing but Advance Tax.
My qyestion as the company is regularly deducting the TDS from the salary of emplpoyee then why again to attract Advance Tax
Please help me out.
Himakar
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Income Tax
Replies (2)
Dear,
Self assessment tax is not Advance Tax. Advance tax to be paid Before Year end. Persons Only having Salary income are not liable to pay advance tax.
Before 31st July (ie return filing date) the person have to compute his tax liability and pay Self assesssment tax or claim refund.
Self assessment tax is not Advance Tax. Advance tax to be paid Before Year end. Persons Only having Salary income are not liable to pay advance tax.
Before 31st July (ie return filing date) the person have to compute his tax liability and pay Self assesssment tax or claim refund.
TDS from salary generally takes care of Income tax on salaries .....and genrally nothing may remain payable......but if you have income from other sources......or TDS is not full .......or for any other reason if your TDS is not sufficient to cover income tax payable on your Total Income ......you have to pay balance by way of Advance Tax and or self asst tax.
note that even if full tds is there , you continue to remain liable to file your income tax return
note that even if full tds is there , you continue to remain liable to file your income tax return
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