• Tax against tan

1.can we pay the advance tax directly against my PAN,whether such payment reflect in somewhere in my efiling profile.
2.can we pay the advance tax directly against TAN of my deductor,whether such payment reflect in somewhere in my efiling profile,like 26AS.Insuch case should the deductor upload the tax details from his end again.?
3.CAn we pay the advance tax at a time for the whole year for the salaried person.If so will the late fine applicable on cummulative.
4.Which one is better for slaried employee paying tax against the PAn or TAN in case TDS is not deducted by employer?
Asked 9 days ago in Income Tax from GOLAGHAT, Assam
Hi,

If you are a salaried employee, you need not pay advance tax as your employer deducts tax at source (TDS). Advance tax is applicable when an individual has sources of income other than his salary.

TDS is deducted only by payer of money (salary in your case). It is tax deducted at source and when it is not deducted at source, the deductor shall be liable to interest and penalty.

But you can pay normal tax on your income as self assessment tax which will be reflected in your efiling but you can't deduct TDS in your own income.

Thanks & Regards,
Payal Chhajed
Payal Chhajed
CA, Mumbai
722 Answers
2 Consultations

4.8 on 5.0

You can pay advance tax for FY 2018-19 and it will reflect in your Form 26AS in tax paid details, but it will take 7-10 days to reflect there from the date challan is submitted.
You can't pay tax against your deductor because even if you pay such tax for your deductor he needs to file TDS return and needs to show that for whom such TDS has been deposited.
Generally no one pays advance tax in case of salaried employee as TDS deducted is enough for a salaried employee but if your employer is not deducting TDS then you can pay advance tax in your own PAN so that you don't have to pay interest on such tax amount.
You can pay it in installments but if you pay it lump sum then I would suggest you to pay it in the June quarter only of the financial years because if you pay it in March you will have to pay interest u/s 234B for not paying proper installment.
In income tax there is interest for both:
1 for not paying proper installment u/s 234B
2 for not paying 90% of advance tax till March u/s 234C

Hope you find the information helpful if you do please rate it 5 and provide your valuable feedback for my improvement
Thank you
Naman Maloo
CA, Jaipur
284 Answers

5.0 on 5.0

Hi,

You just need to pay advance tax instalments wise in your own PAN for avoiding penalty and interest. It will be reflected in your FORM 26AS.
Karishma Chhajer
CA, Jodhpur
297 Answers
1 Consultation

5.0 on 5.0

Hi

1. All the taxes paid will be reflected at your 26AS.
2.No it cannot be done.TAN is to be used for tax deduction only.Tax deductor use the TAN.
3.Salaried person are not required to pay advance tax.
4. TDS to be deducted by employer if your taxable salary is above basic exemption limit,ie 2.5 lacs.

Hope it helps
Swati Agrawal
CA, Indore
619 Answers
1 Consultation

5.0 on 5.0

My friend if the total tax liability is only Rs 8000 then the person is not required to pay any advance tax he can directly pay self assessment tax in March or even April no interest will be charged.
Interest is charged or advance tax is only to be paid if the tax liability for the year is above Rs. 10000.
Even then if you want to know about interest it is 1% per month i.e. if you skip 1 quarter it will be 3% for that quarter installment.

You can even get a consultancy session of half hour if you have any query.
Hope you find the information helpful if you do please rate it 5 and provide your valuable feedback for my improvement.
Thank you.

Please check your e-mail for any further queries.
Naman Maloo
CA, Jaipur
284 Answers

5.0 on 5.0

Hi

Yes self assessment tax can be paid.

Whatever tax is paid under self assessment will be shown under self assessment head only, not under TDS.
Swati Agrawal
CA, Indore
619 Answers
1 Consultation

5.0 on 5.0

Hi,

If the total tax liability of any taxpayer is more than Rs 10,000 in a financial year then he is liable to pay advance tax during the year. 

Since your tax liability is less than Rs. 10000, you are neither required to pay any advance tax nor interest.

However, Interest is charged @ 1% on the outstanding tax amount (Only if your tax liability is more than Rs 10,000 in a financial year ).The nature of interest is simple interest.Any fraction of month shall be considered as a full month for calculating interest.
Payal Chhajed
CA, Mumbai
722 Answers
2 Consultations

4.8 on 5.0

Yes, you can pay self assessment tax which will be shown under self assessment head only, not under TDS.
Karishma Chhajer
CA, Jodhpur
297 Answers
1 Consultation

5.0 on 5.0

1. Yes, you can pay advance tax. That payment will reflect in 26AS.

2. You can't pay advance tax against a TAN.

3. Yes, it interest will be applicable if you have not paid first installment and paying it at last.

4. Best option is to tell employer to deduct TDS now.
Abhishek Dugar
CA, Mumbai
3456 Answers
156 Consultations

5.0 on 5.0

Hi,

- If your employer is not deducting TDS then you can pay Advance tax in four installments to avoid loss of interest. Liability to pay advance tax arises only when tax liability exceeds Rs.10,000 in a F.Y. It will be reflected against your PAN in Form 26AS. Retain all challans for future purpose.

- As income tax liability is Rs.8,000, you are not supposed to pay advance tax but if you want to deposit it then you can deposit by 15.12.2018 or 15.03.2019.

- Self-assessment tax is paid at the time of filing of ITR and not during the F.Y. During the year one can only pay either TDS or advance tax.

Thanks
Vivek Kumar Arora
CA, Delhi
1421 Answers
31 Consultations

5.0 on 5.0

1. Yes, you can pay advance tax. These payments get reflected in 26AS.

2. No. You cant.

3. Yes.

4. Ideally the employer should deduct TDS.
Nikhil Khanna
CA, Mumbai
1188 Answers
9 Consultations

5.0 on 5.0

Yes you can pay the self assessment tax. If the total liability is less than 10000 you are not liable to pay advance tax.
Nikhil Khanna
CA, Mumbai
1188 Answers
9 Consultations

5.0 on 5.0

1. Yes, you can pay advance tax against your pan.

2. No tax can be paid against a TAN.

3. Yes, you can pay entire years advance tax I'm first installment

4. Best option is to ask your employer to deduct TDS.
Lakshita Bhandari
CA, Mumbai
2017 Answers
63 Consultations

5.0 on 5.0

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