18 December 2010
sir, if you have income from salary which exceeds the maximum limits not chargeable to tax, then TDS will be deducted from your income.Balance tax payable after deducting TDS is advance tax liability.
limit for f.y.2010-11 is Rs.10,000/-.
TDS will be deducted from salary income even though advance tax has been paid by assesee.
18 December 2010
Next installment of Advance tax has to be paid on or before March 15,2011. If total tax payable is more than Rs.10,000, then one must pay advance tax. In case of salary, if your salary income exceeds exemption limit, your employer pays you salary after deducting TDS. The present exemption limit for a resident individual is Rs.1,60,000/-
18 December 2010
TDS will be mandatory first, while paying Advance tax you can consider the TDS deducted amount and balance you can pay and match with limit of advance tax
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