Advance tax Payment even if TDS 20% made by bank.
This query is : Open
10 December 2009
Hello,
We request any one to clarify this issue.
Our is an Apartment Owner association and we’ve collected Rs.1 crore from all members and Fixed deposited at Nationalized Bank.
Bank deducting 20% of our returns towards TDS. Our Auditor asking us to pay 10% advance tax in addition 20% of TDS since the Interest income should not be clubbed with any other income and this income may not be allowed to claim expenditure of Building maintenance, any other expenditure.
1. Why Interest Income need not spend for building expenditure or any other expenditure?
2. Is it mandatory to make advance tax 30% on all Interest returns?
Regards.
C.K.PRAKASH,
We request any one to clarify this issue.
Our is an Apartment Owner association and we’ve collected Rs.1 crore from all members and Fixed deposited at Nationalized Bank.
Bank deducting 20% of our returns towards TDS. Our Auditor asking us to pay 10% advance tax in addition 20% of TDS since the Interest income should not be clubbed with any other income and this income may not be allowed to claim expenditure of Building maintenance, any other expenditure.
1. Why Interest Income need not spend for building expenditure or any other expenditure?
2. Is it mandatory to make advance tax 30% on all Interest returns?
Regards.
C.K.PRAKASH,
10 December 2009
YES EVEN IF THE TDS HAS BEEN DEDUCTED ON THE RECEIPT
IF THE YOUR ESTIMATED TAX LIABILITY IS MORE THAN RS 5000 THAN ADVANCE TAX PROVISION WILL BE APPLICABLE ON YOU,
AND YOU HAVE TO PAY THE ADVANCE TAX ON THE INCOME ACCORDING THE PROVISION
IF THE YOUR ESTIMATED TAX LIABILITY IS MORE THAN RS 5000 THAN ADVANCE TAX PROVISION WILL BE APPLICABLE ON YOU,
AND YOU HAVE TO PAY THE ADVANCE TAX ON THE INCOME ACCORDING THE PROVISION
10 December 2009
Hello Sir,
Thank you for your reply
but not clear on my question 1 & 2
if possible, please explain in detail.
Regards
C.K.Prakash
Thank you for your reply
but not clear on my question 1 & 2
if possible, please explain in detail.
Regards
C.K.Prakash
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