Income Tax : Explore an e-campaign by the Income Tax Department on significant transactions and advance tax payments. Learn about advance tax, ...
Goods and Services Tax : Learn about crucial tax compliances to complete before 31st March 2024 to avoid future complications. From advance tax payments to...
Income Tax : Learn about Advance Tax, a 'pay as you earn' system in India. Find out who needs to pay, calculation methods, due dates, and FAQs ...
Income Tax : Explore Sections 207 to 219 of the Income Tax Act, 1961, covering Advance Tax provisions, due dates, and in-depth analysis. Unders...
Income Tax : Learn why disclosing previous salary is crucial for accurate tax planning. Explore advance tax intricacies, due dates, and interes...
Income Tax : Income Tax Department has identified certain inconsistencies in the Statement of Financial Transactions (SFT-17) data related to s...
Income Tax : The Income Tax Department, under the Ministry of Finance, is set to initiate an e-campaign aimed at enhancing taxpayer compliance ...
Income Tax : Advance Tax collections for the F.Y. 2021-22 (Till 3rd Installment) stand at Rs. 4,59,917.10 crore as on 16.12.2021 which shows a ...
Income Tax : Net Direct Tax collections represent 104.46% of the Revised Estimates of Rs. 9.05 lakh crore of Direct Taxes for the F.Y. 2020-21....
Goods and Services Tax : Learn about crucial tax compliances to complete before 31st March 2024 to avoid future complications. From advance tax payments to...
Income Tax : Analysis of the ITAT Mumbai ruling in the case of Damco India Pvt Ltd Vs CIT. Key insights into why the AO must grant advance tax ...
Goods and Services Tax : AAAR rule that in the instant case the supply of fortified wholemeal flour to the Food & Supplies Department, Government of West B...
Goods and Services Tax : In re Emerald Court Co-operative Housing Society Ltd. (GST AAR Maharashtra) CORRIGENDUM In the case of the applicant, M/s. Emerald...
Goods and Services Tax : In re Nexustar Lighting Project Private Limited (GST AAR Odisha) Question No. 1 Whether in facts and circumstances of the case, th...
Income Tax : Extension of date of Direct Tax payment in respect of third installment of advance tax for FY 2019-20 Considering the large-scale ...
ADVANCE TAX As per section 208 of the Income Tax Act 1961 a person shall be liable to pay advance tax if Tax Liability exceeds Rs. 10,000 after deducting the amount of TDS,TCS. Every Assesses shall estimate his Income and Tax Liability for any previous year and Income Tax so estimated shall be paid in […]
I have covered only relevant compliances/information useful for Small Manufacturer, Traders only through this article which includes TDS Rate, TDS Return, TDS Certificate and TDS payment due dates, Advance Tax due dates, Income Tax Return Due Dates, Penalty for Late Return Filing, Important Income Tax Deductions, Presumptive Taxation Scheme, Tax Audit and Maintenance of Books.
Whether the interest u/s 234B for less payment of advance tax will be levied on account of additions made to total income, consequent to retrospective amendment?
Payment of advance tax is governed by sec. 207,208,209,210 and 211 of the Income Tax Act 1961. f the Income Tax Liability of any assessee is more than Rs. 10,000 in a financial year, then he is liable to pay such tax in installments during the year itself rather than paying this tax at the end of the year.
The amount of assistance received by the farmer or on account of the farmer from the Government Department has no bearing on the price and hence on the value of supply made by the applicant to the farmer and is not covered under section 15(2)(e) of the CGST Act, 2017.
In re The Deputy Conservator of Forests (GST AAAR Karnataka) The GST appellate authority for advance ruling dismissed the appeal filed by the appellant on grounds of time limitation. It is evident that this Appellate Authority being a creature of the statue is empowered to condone a delay of only a period of 30 days […]
In re Saryu Babu Engineers For Resource Development (GST AAR Uttar Pradesh) Q-1 Whether the Project Development Service (i.e. Detailed Project Report Service) and Project Management Consultancy services (PMCS) provided by the applicant to recipient under the contract from State Urban Development Authority (herein after referred as “SUDA”) and the PMC under the contract for […]
In this article we will discuss vivacious calculation of interest u/s 234B for default in payment of advance tax. Before proceeding ahead, it is indispensible to understand the provisions of Advance tax as pact in Sec. 207 & Sec. 208 of the Income Tax Act, 1961.
Thank you Taxpayers … Your Income Tax is making it possible for more Indians to access quality healthcare. Pay your 4Th & final installment (100% of Advance Tax) for FY. 2019-20 by 15th March, 2020 Taxpayers liable to pay Advance Tax Any assesses, including salaried employee, whose tax liability for the financial year as reduced […]
Extension of date of Direct Tax payment in respect of third installment of advance tax for FY 2019-20 Considering the large-scale disruption of Internet Services in the North Eastern States-Assam, Tripura, Arunachal Pradesh, Meghalaya, Nagaland, Manipur and Mizoram, the Central Board of Direct Taxes, in exercise of powers conferred under clause (a) of sub-section (2) […]
