Advance tax

This query is : Resolved 

22 March 2011 I want know whether salaried individual person are required to pay advance tax or it is applicable to company only?If yes then what about TDS deducted from salary by employer?
Also mention exact section in IT act governing this.

22 March 2011 If the salaried individual has only income rom salaries and proper TDS cut by employer then he need not pay any advance tax.

22 March 2011 ADVANCE TAX THRESHOLD LIMIT IS 10000/=

Advance tax applies to individuals whose incomes are not subject to tax deduction at source (TDS).

This directly impacts the self-employed in the lower tax slab. This tax is also payable on income on account of interest, tuition fee, rent, trading of securities and consultancy work.

Advance tax is paid every quarter. If not paid on time, it attracts a penalty at an annualised rate of 13 per cent.


24 March 2011 Thanx Ram sir for reply.But I want to know if employee's advance tax is above 10000 & his employer is also deducting TDS from his salary, then he required to pay AT.

25 March 2011 If any other income then pay advance tax

if only salary TDS has been deducted by employer then no need to pay any tax.



You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join CCI Pro
CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries