Optical spectra from Tight-Binding methods: Time dependent DFT vs. Bethe-Salpether approaches University of Paderborn, Warburger Str. 100, D - 33098 Paderborn, Germany and Thomas Frauenheim, Department of Physics, Universität Paderborn, Warburger Str. 100, 33098 Paderborn, Germany. In recent years it was shown that the generalization of density functional theory to time dependent problems (TDDFT) provides optical spectra with predictive power at a moderate computational cost. However, also intolerable failures have been reported for charge transfer excitations in molecules and solid state applications. As an alternative to TDDFT, the solution of the Bethe-Salpeter equation based on GW quasiparticle energies is expected to overcome these problems. Focusing on molecular systems, we show how both approaches can be implemented in the framework of density functional based tight-binding methods. Special emphasis will be given on conceptual similarities and differences in the treatment of the electron-hole interaction. Finally, some benchmark studies will be presented to show which accuracy can be expected from these approximate theories.