08 June 2009
Whether the liability to deposit Advance tax is also applicable over salaried person? If yes, who will be liable to do so, whether the employer has to deduct TDS and deposit it or employee will be required to discharge the liability on his own in case employer is not able to do so? What if employee's salary was not enough in the beginning of financial yr that it will attradt Advance tax but subsequently increases after mid yr to raise his tax liability?
1. Yes, salaried person is also required to comply with advance tax provisions. 2. Employer is liable to comply with the provisions by deducting tds from the salary. 3. In case employers salary at the time of beginning of year is less but after wards attracts advance tax provisions, then this needs to be comply by deducting additional tds to cover the provisions of advance tax. Otherwise it will attract the interest to the employee.
11 June 2009
Still some doubt. Now if due to Increment, salary is increase & employer deducts full TDS in say Feb & Mar only. Now, advance tax provision has not been complied. Will employee be required to deposit Intt on this?
CAclubindia
