09 September 2014
To arrive at an advance tax payable for 1st instalment (15th September) for an individual, we calculate it as 30% of total estimated tax liability for the year less TDS. My question is the TDS which is deducted, is it the estimated TDS for the year or TDS credited to my PAN as on 15th September. Thanks!!
09 September 2014
Your advance Tax calculation will be more accurate if you can estimate the TDS of whole year. i.e., 30% of (Total estimated Tax Liability- Total estimated TDS)
CAclubindia
