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Ist instalmet of advance tax

Tax queries 190 views 4 replies

SHIRISH S S

Proprietor

1084 Points Posted on 12 June 2018

What is the Ist instalment of Advance tax (FY 2018-19)

1) Salaried bank employees (my wife)

2) Professional consultant (self )

Replies (4)

Rahul Prajapati

Student

2282 Points Posted on 12 June 2018

Due Date of Installment	Amount Payable
On or before 15th June	15% of the Advance Tax

CA Sunil Kumar

Chartered Accountant

4524 Points Posted on 12 June 2018

1. For Salaried person, no need to pay advance tax.
2. For other if tax payable is more than 10000, then pay advance tax in four installement. Due date is mentioned above by Mr. Rahul.

Rahul Prajapati

Student

2282 Points Posted on 12 June 2018

As per my view,

Advance Tax is payable by Salaried Employees also, if

The difference between actual tax liability on Salary and TDS (Tax Deduction at Source) is more than Rs 10,000.

Rahul Prajapati

Student

2282 Points Posted on 12 June 2018

Also, make sure that she does not have income from other sources like Interest from Bank FD, Investment Income. The advance tax is definitely payable even by salaried employees on their other income.