Income 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 - 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 - There are two modes of payment of direct taxes (i) physical mode i.e. payment by furnishing the hard copy of the challan at the designated bank; and (ii) e-payment mode i.e. making payment by using the electronic mode. In this part, you can gain knowledge about various provisions relating to e-payment of various direct taxes....
Read MoreIncome Tax - This FAQ explains about Income Tax, administrative framework of Income-tax, Return Filing Period, who is suppose to pay Tax, how to pay tax, precaution in Tax Payment , when to pay Tax, Advance Tax Calculation, Income Tax Challans, Form 26AS, Exempt Income Taxable, Income, Assessing Officer, Revenue receipt, Capital receipt, Agricultural ...
Read MoreIncome Tax - Whether Hitches In E-Payments of Taxes Will Be Resolved In NSDL Website/New I-T Portal While we make payment of Direct Taxes via the ‘NSDL Web site’, every time we have to fill the address of the assessee, which in my opinion can be dispensed with since the address of the assessee is already available with […]...
Read MoreIncome Tax - Updated List of banks for tax payments available at e-Pay Tax service at e-Filing Portal and OLTAS e-Payment of Taxes at Protean (previously NSDL): Banks available at e-Filing Portal Axis Bank Bank of India Bank of Maharashtra Canara Bank Central Bank of India Federal Bank ICICI Bank Indian Bank Indian Overseas Bank Karur Vysya Bank [&hel...
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 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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