Hi Guys/gals
I have a small question related to TDS and Advance Tax. Can anybody let me know what is the difference of the above topics in case of Employee.
I have the question as The company will deduct the TDS From the salary of the employee as a part of its obligation u/s 192 and at the same time it is also asking every person which includes individual employee to submit the self assessment Tax Return which isnothing but Advance Tax.
My qyestion as the company is regularly deducting the TDS from the salary of emplpoyee then why again to attract Advance Tax
Please help me out.
Himakar
Dear,
Self assessment tax is not Advance Tax. Advance tax to be paid Before Year end. Persons Only having Salary income are not liable to pay advance tax.
Before 31st July (ie return filing date) the person have to compute his tax liability and pay Self assesssment tax or claim refund.
CAclubindia
