It returns filing

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Hi

I need small clarification on my tax returns FY 2012-13

As per Form No.16

From April'11 to Sep'11 I worked in one Company ( Tax on Total Income is Rs.19854 )

From Oct'11 to Mar'12 am working for a different company ( Tax on Total Income is Rs.0 )

Pls let me know do I need to pay tax & what is the amount ?  

Replies (4)

your advance tax is more than 10,000

so u need to pay the advance tax till 15 sep 30 % of ur total tax

@ Renu, advance tax liability arise only if assessed tax less tds is more than 10,000. In given question form 16 is showing tax on income above 10000 but howmuch tds has deducted is not mension that's why we can not say that advance tax liability will arise or not.
Dear Krishna, I am assuming that whatever amount of tax you are showing is amount of tds as per form 16. Now first of all calculate your total gross income(before tds), deduct chapter VI A deductions and calculate tax on it, now deduct tds made as per form 16 and 16A(if any). Now if there is any positive amt then you have to pay it or refund. Before it plz cross check this tds with form 26A.
And yes if after tds deduction if tax liability is above 10000 only then you have to pay advance tax otherwise avoid it.


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