Question 1: How to track advance payment since I receive salary(with TDS). It gets harder to detect what are the other income that would draw advance payment If there has been
Question 2: I would like to know if the individual(not senior) has to pay advance tax on an accrual basis if the income is less 10K.
eg. I made a profit of 9K (from investment) in the month of June, which is less 10K limit for advance tax, so I do I have to pay advance tax for 9K in month of September.
Also, If I make another profit (from investment), let's say 10K in October, bringing the income to 19K in the given financial year, how is the advance tax supposed to be paid in
My feeling is that in the month of Dec I would have to pay 45% of 19K income as advance tax and 100% on month of March.
Question 3: how to find what is advance tax that one has to the pay for additional income is there a tool or something that can do that.
Question 4: advance tax is not inclusive of TDS right?
as in is my (below) thinking around this correct?
If my TDS is get paid every month assuming its 10L/month TDS the 19K profit advance payment can be delayed as 15%, 45% and 75% of the advance tax is already taken care of by TDS, and I can pay the final TDS for 19K only on month of March taking about the liability and in march.
CAclubindia
