Yes, it is required to pay advance tax for salaried employee under certain circumstances. Advance tax, also known as “pay-as-you-earn” tax, is applicable if the total tax liability for a financial year exceeds Rs. 10,000 after accounting for TDS (Tax Deducted at Source). For most salaried individuals, their employers deduct TDS from their salary, which usually covers their tax liability.
Is Salaried Person Liable to Pay Advance Tax?
Salaried persons may have additional income from sources such as:
- Interest Income
- Capital Gains
- Rental Income
- Freelance or Side Income
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Is Salaried Person Liable To Pay Advance Tax?
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2024-12-30T09:00:41+00:00 2024-12-30T09:00:42+00:00Comment
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