What is the difference between Advance Tax and TDS?
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Answer Posted / jubilee
Advance tax is a presumtive tax...which is based on the
presumptions about the income. In is paid by
1. corporates
15% by 15th Jun
30% by 15th sep
60% by 15th dec
100% by 15th Mar
Non payment / sort payment is panalised u/ sec 234 B and C
2. Non corporates having tax liability above 5000 rs.
30% by 15th sep
60% by 15th dec
100% by 15th Mar
It is the liability of the assessee and he cant shift it.
While tds is tax deducted at source by the payer. In case
he fails to deduct the tds...government will hold him
liable and therefore we will have to bear our tax expense.
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