payment of income tax- self assessmsnt individual

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

19 September 2010 a consultant gets a monthly payment less of TDS every month. should he pay balance tax on a monthly basis OR advance income tax on 15th July, 15th sept, 15th dece, 15th march OR can pay entire balance tax before filing return by 31st july next year?

payment of income tax- self assessmsnt individual -income from profession

Nischint Kumar Somani

Nischint Kumar Somani (Expert)
Follow

19 September 2010 well, if any person is receiving his income on regulars basis than he is required to pay balance tax as advance income tax on 15th July, 15th sept, 15th dece, 15th march as the case may be..

otherwise he will be liable to pay interest u/s 234A/B/C..

further ITO is also entitled to ak for assessee to deposit advance tax

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
Follow

19 September 2010 Being an individual, 15th July is not applicable.

Upgrade to CAclubindia Pro. Subscribe Now!

Querist : Anonymous

Querist : Anonymous (Querist)

19 September 2010 obviously i missed 15th sept. is it advisable to pay now (to save interest) or it doesnt matter i pay now or before 15th december

Nischint Kumar Somani

Nischint Kumar Somani (Expert)
Follow

19 September 2010 i agree with mr. B.Chackrapani Warrier

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
Follow

19 September 2010 Can't save interest if u pay now. Pay on or before 15th December.

CA Prashant Gupta

CA Prashant Gupta (Expert)
Follow

19 September 2010 you can pay on or before 15 dec. But interest will be applicable as per provisions if you missed 15 sept.

Querist : Anonymous

Querist : Anonymous (Querist)

19 September 2010 on similar lines, on other income say BANK FDs, is it must that we pay balance tax on these dates? If yes, how every individual can monitor this?

Nowadays in few banks there is auto FD facility & they issue TDS certificates at the end of the accounting year.

Upgrade to CAclubindia Pro. Subscribe Now!

CA Prashant Gupta

CA Prashant Gupta (Expert)
Follow

20 September 2010 TDS is treated as advance tax. if bank has deducted TDS then it will be deducted from your advance tax liability. But if your tax is more i.e. you are on 30% slab then you have to pay advance tax on it as bank will deduct less TDS.
for auto FD bank credited interest on every modification in FD balance. you can check it in your bank statement and then can calculate tax on it.