Dear all
If a professional receives professional fees net off TDS u/s 194j, then is he required to pay advance tax.If his total income consists only professional fees & is net off TDS.
2 Replies
Karan Teli
(Life Is just an Illusion...!!)
(4573 Points)
Replied 22 December 2012
It is obvious that if the taxable income projected exceeds the limit of tax then he has to pay advance tax.
All depends on the projection and calculation is not a big deal since softwares gives outcome in seconds.
Ravi Kumar Mahaur
(CA-FINAL)
(202 Points)
Replied 22 December 2012
There is nothing specifically provided in Income Tax regarding this. Hence you have to apply normal provisions of Income tax.
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