Tds already deducted is advance tax payable

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  1. Viksharma

    Viksharma New Member

    Hi,

    I am partner in a company based in delhi. We usually raise service tax bills to our clients and receive payments after TDS deduction @ 2% on basic amount of billing. Do we also require to pay advance tax to the government ?? Kindly suggest.

    Thanks
     
  2. ZED

    ZED Well-Known Member

    Under which section Tax is deducted? 194C ?
    Is yours a partnership firm or a company?


    As per S.208
    Advance tax shall be payable during a financial year in every case where the amount of such tax payable by the assessee during that year, as computed in accordance with the provisions of this Chapter, is ten thousand rupees or more.
     
  3. Viksharma

    Viksharma New Member

    Yes. Under 194C(2) section. Pls tell me.
     
  4. ZED

    ZED Well-Known Member

    Want to confirm because you said partner in a company.


    If the estimated amount of tax payable is more than 10,000 then advance tax is also payable.
    But the amount of advance tax to be paid will be decreased by the amount of tax already deducted as TDS.
     
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