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Income Tax - Marginal Relief given to the assessee whose total income exceeds Rs. 50,00,000/- or Rs. 1,00,00,000/- as the case may be. So, a minor increase in income which exceed the specified limit and increase the tax liability to a huge extent. Relief: Marginal relief is provided to ensure that the additional income tax payable including surcharge ...
Read MoreIncome Tax - Under Income Tax Act, 1961 certain type of Assessee are required to Pay Advance Tax in 4 Instalments. Short or Non Payment of Advance Tax tax results in levy of Interest Under Section 234A, Section 234B and Section 234C of Income Tax Act, 1961. Advance Tax Instalment falls every Year on 15th June, 15th September, […]...
Read MoreIncome Tax - As per section 208, every person whose estimated tax liability for the year is Rs. 10,000 or more, shall pay his tax in advance, in the form of advance tax. In this part you can gain knowledge on various provisions relating to payment of advance tax by a taxpayer....
Read MoreIncome Tax - As per section 208 every person whose estimated tax liability for the year exceeds Rs. 10,000, shall pay his tax in advance in the form of advance tax. Thus, any taxpayer whose estimated tax liability for the year exceeds Rs. 10,000 has to pay his tax in advance by the due dates prescribed in this regard....
Read MoreIncome Tax - An Assessee may have to pay Income-tax, Corporate tax (i.e., income-tax paid by a company),Tax deducted at source (TDS), Tax collected at source (TCS) and other direct taxes like gift tax, expenditure tax, etc.In this article we discussed for whom online payment is Compulsory , what details is required to be filled in Challans and What th...
Read MoreIncome Tax - Challan correction mechanism Considering the fact that several mistakes were being reported which occurred on account of wrong punching of data in the OLTAS by the banks, the CBDT introduced a new challan correction mechanism for paper based payments of income tax. The said system has been appreciated by the assessees. Since, inadvertent ...
Read MoreIncome Tax - Net Direct Tax Collections for 2013-14, up to 17th September 2013 Shows A Growth of 12.5% and Stood At Rs. 2,38,325 Crore as against Rs. 2,11,641 Crore in the Same Period Last Year Net direct tax collections for the current F.Y. 2013-14, up to 17th September 2013, stood at Rs. 2,38,325 crore as against Rs. […]...
Read MoreIncome Tax - Payment of Quarterly Advance Tax on or before 15th September, 2013 All Designated Branches of Authorized Banks to Function on 14th and 15th September, 2013 (Saturday Sunday) All designated branches of authorized banks have been asked to function on 14th and 15th September, 2013 (Saturday & Sunday) to accept advance tax payments. If an...
Read MoreIncome Tax - Private sector lender HDFC Bank on Wednesday launched a service whereby its 115 lakh debit card holders can pay income tax through the bank's ATMs. With this facility, the bank has given its vast customer base the freedom from waiting in long queues at counters or logging into the internet to pay their taxes," the bank said in a statemen...
Read MoreIncome Tax - State-owned Oriental Bank of Commerce (OBC) today launched the Income Tax payment facility through ATMs for their customers. The process of income tax payment through ATMs is user friendly and would lead to higher compliance by spreading the tax net to cover individual taxpayers resulting in higher Direct Tax revenues, Revenue Secretary ...
Read MoreRBI/2012-13/453 DGBA.GAD.No.H - 5486/42.01.029/2012-13 - (21/03/2013) - Accordingly, it has been decided that all Agency banks shall keep the counters of their designated branches conducting Government business open (full day with extended hours) on March 29, 30 and 31, 2013 to facilitate receipt of Government taxes from members of public even at late hours....
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