Advance Tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
24 July 2010
Dear all,
The tax liability of an assesee is Rs. 12176 of FY 2009-10 and he has TDS of Rs. 8654.Is he liable to pay the advance tax
The tax liability of an assesee is Rs. 12176 of FY 2009-10 and he has TDS of Rs. 8654.Is he liable to pay the advance tax
Ram Avtar Singh
(Expert)
24 July 2010
Under the existing provisions of section 208 the Income-tax Act, liability for payment of advance tax during a financial year arises when the amount of such taxes payable during that year are Rs.10,000/-or more.
Its applicable from the 1st April, 2009. Hence, advance-tax for the financial year 2009-2010 would be payable only if the advance tax liability is Rs. 10,000/- or more.
Its applicable from the 1st April, 2009. Hence, advance-tax for the financial year 2009-2010 would be payable only if the advance tax liability is Rs. 10,000/- or more.
CA Sanat Pyne
(Expert)
24 July 2010
IN YOUR CASE HE IS NOT LIABLE TO PAY ADVANCE TAX.
24 July 2010
AGREE, IN YOUR CASE HE IS NOT LIABLE TO PAY ADVANCE TAX. THE TAX LAIBLITY RS.12176- RS.8654 IS PAID AS SELF ASSESSMENT TAX.
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