advance tax

if the income after all the deduction comes more than 10000/-

need to pay advance tax 

i know bt what is net tax liability in abow case

i know bt what is net tax liability in abow case

**No Advance Tax Liability as Liability as per point 15 does not exceed Rs. 10000**

1. GAV = 46000*12 = 552000 (GAV as you dont provide any other information)
2. Less MT actually paid
3. NAV = 520000
4. Give 30% Standard deduction under section 24(1)
5. Amount Liable to TaX under the head House Property = 364,000
6. Now your Gross Total Income = 364000 (as you haven't provided any other information)
7. Information regarding deductions not provided so no deduction, So your *Total Income will be same as Gross Total Income*
8. Less 250000 (slab benefit assuming age less than 60years)
8. Taxable Income = 114000
9. Now 10% Tax on Total Income (10% because total Income does not exceed Rs. 5L) = 11,400
10. Give Rebate under Section 87A which is Equal to { (tax amount) or (Rs. 5000) } whichever is lower
11. Tax = 11400-5000 = 6400
12. Add Cess @ 3% of tax = 6400×3% = 192
13. Total Tax Liability = 5400+192 = 5590 (rounded off to nearest multiple of 10)
14. Deduct TDS if any deducted by the Tenant from 5590.
15. ADVANCE TAX LIABILITY = POINT 13 - POINT 14 = 5590 (assuming no tds deducted as you haven't provide the details).

**No Advance Tax Liability as Liability as per point 15 does not exceed Rs. 10000**
** Information provided by Amit above is incorrect as he mentioned that *if total income(which is always after all deductions) exceeds 10000 then Advance Tax have to be paid**

OPGoyal
u are right shri p bansal
further the queries is adv tax before , sep. 17 hence AY 18-19 hence tax rate is 5 percent up to taxable income 5 lac , hence tax 5871 ( 5700+171 cess) tax less than 10000 , hence no adv tax applicable it is only advisory PL also consult yr tax adviser. before any actio.

opgoyal
tax rebate of 2500 not allowed in yr case as allowed only up to taxable income of 350,000- for AY 18-19 PL.

correction------6400×3℅=192
total tax liability=6400+190=6590. (rounded of to nearest 10)