Delayed Payment of Advance Tax and TDS

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  1. Sarfraz Khan

    Sarfraz Khan New Member

    Dear Sir,

    I forgot to pay Advance Tax of my director and even I haven’t paid TDS on his salary.

    What is the solution?

    1) I will pay TDS along with Interest

    2) Should I Pay Advance Tax or self assessment tax or what

    3) What would be the penalty?


    Please adv ice.
     
  2. V K Khanna

    V K Khanna Active Member

    1) Yes

    2) It will be a self assessment tax

    3) No penalty is involved at this stage, if
    the tax relates to the AY 2016-17.
     
  3. Sarfraz Khan

    Sarfraz Khan New Member

    Dear Sir,
    Yes It is for FY 15-16 and AY 16-17.
    Thanks for your mail, but isn’t it compulsory to pay Advance Tax before Paying self assessment Tax.
     
  4. V K Khanna

    V K Khanna Active Member

    The deadline for payment of last instalment of advance tsx was 15th March 2016. You had the time till 31st Marcb to discharge yr advance tax liability with applicable interest payment.

    Now you have no option but to pay self assessment tax with interest as applicable u/s 234B and 234C before fiing the return of income.
     
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