Advance TAx
This query is : Resolved
18 December 2010
Dear Experts,
Can u tell me the limit of advance tax to be paid for a resident individual for the FY 2010-11.
If advance tax is paid, is there a need to deduct TDS if the person's income is salary income?
Pls guide
Can u tell me the limit of advance tax to be paid for a resident individual for the FY 2010-11.
If advance tax is paid, is there a need to deduct TDS if the person's income is salary income?
Pls guide
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.
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
what is the due date for payment of advance tax for individuals?
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/-
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
IF Advance Tax is paid by the individual, then is it mandatory to deduct TDS on salary?
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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