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Home / Finance / Taxes / Is Salaried Person Liable To Pay Advance Tax?
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Is Salaried Person Liable To Pay Advance Tax?

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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:
  1. Interest Income
  2. Capital Gains
  3. Rental Income
  4. Freelance or Side Income
If the tax liability arising from these sources exceeds Rs. 10,000 after considering TDS already deducted, the individual must pay advance tax. Failure to pay advance tax can result in interest penalties under Sections 234B and 234C of the Income Tax Act. This is all about advance tax for salaried employee. Get Tax Assessments Done by Experts at NoBroker Read more What are the Benefits of Advance Tax?

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Akanksha MBA finance

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