if an employee salary is more than 10lacs annually
on monthly basis had been deducted tds on salary & same also depositing to govt
in that case employee need to deposit his/her advance tax on quarterly basis
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Salary is more than 10lac , tds on salary is deducting monthly then there is any need of advance tax
Replies (2)
Hai Jatinder,
Advance tax payment is not required for salary income if TDS is already being deducted. If your employee is having any other income then Advance tax provisions will be applicable for that income only.
To conclude Advance tax provisions are not applicable for salary if TDS is being deducted.
The issue of advance tax arises in case total tax payable after deduction is more than Rs10000.Then every quarter advance tax payable is calculated and if advance tax payable quarter wise is TDS and paid,then no problem.If TDS is less then the difference must be paid every quarter wise.This situation arises when income other sources is also present in addition to salary income!
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