Advance tax
This query is : Resolved
CA Santosh Havanur
(Querist)
18 July 2012
Warm Regards
Whether a person having Salary Income, SOP Loss, small amount of Interest income have to pay advance tax or he is exempt from it.
Please also confirm as whether he need to pay Advance tax if he is having only salary income.
Thanks in Advance.
Whether a person having Salary Income, SOP Loss, small amount of Interest income have to pay advance tax or he is exempt from it.
Please also confirm as whether he need to pay Advance tax if he is having only salary income.
Thanks in Advance.
CMA Ramesh Krishnan
(Expert)
18 July 2012
Advance tax applicable, when the tax liability exceeds Rs.10000/- Salaried persona also covered this category. only thing, while calculating eligibility you can consider the TDS deducted by the employer also.
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CA Santosh Havanur
(Querist)
18 July 2012
Thank you sir. So the only special provision is we have to deduct TDS from the assessed tax to compute the eligibility.
CA Prashant Gupta
(Expert)
18 July 2012
dear Santosh
if your tax is more than 10000/- then advance tax will be calculating by Tax-TDS. So you can't ignore if tax-TDS is less than 10000
if your tax is more than 10000/- then advance tax will be calculating by Tax-TDS. So you can't ignore if tax-TDS is less than 10000
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