December 5, 2011 5:10 am
Which one is correct,Advance Tax is payable,
1)if Tax Liability exceeds Rs 10000 after TDS
2)if Tax due in a Financial Year exceeds Rs 10000 before TDS.
Dear kalyan ghosh, if your calculation indicates that even after TDS, the liability of tax is open on you, you are liable to pay advance tax.
If you estimate that you will owe more than Rs.10,000 on March 31 in taxes (after deducting TDS) then you should pay advance tax.
For more details you can refer to Advance tax
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