Prepare Anticipatory Income Tax Statement 2022-23

What is an Anticipatory Income-tax Statement?

An Anticipatory Income-tax Statement is an estimation of income required to be submitted to the employer by the employee. This is done to estimate the income tax amount required to be deducted from the salary in the coming financial year.

Why is it important to furnish an Anticipatory Income-tax Statement?

On the basis of the anticipatory income statement and return, the estimated tax payable is calculated by the employer.

1/12th of tax payable is deducted from the salary of the employee every month in form of TDS(Tax deductible at source).

According to the Anticipatory Statement  prepared by us in March, if the tax is deducted from our salary in the coming months too, there will be a situation of paying more/less tax. In order to avoid this, the Disbursing Officers (DDOs) should issue a revised anticipatory statement in the month of December to change the rate of tax levied.

It would be advisable for everyone to prepare a revised anticipatory before processing the bill for the month of December 

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