income tax payment

Pay Advance income Tax to avoid late payment Interest

Income Tax - The Government believes that the tax payers should discharge their income tax liability simultaneously while earning and expects you to Pay as your earn. This philosophy is implemented through two modes....

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Advance Tax Provisions, Challan, e-payment Utility & Examples

Income 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....

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All about Online payment of Direct Taxes

Income 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....

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Income Tax for New Tax Return Filers- FAQs

Income 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 ...

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Which Challan to use for Paying Income Tax Appeal Fees

Income Tax - Corporate Assessee:- In case you have to deposit appellate fees, copying charges or other miscellaneous payments, tick box 0020, thereafter tick box '300 Self Assessment Tax' under 'Type of Payment' and fill up the amount to be paid in 'Others' column under 'Details of Payment'....

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Extend Challan correction mechanism to all type of tax payments – ICAI

Income 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 ...

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Rise of 12.50% in Net Direct Tax Collections up to 17.09.2013

Income 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. […]...

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Banks to Accept Advance tax Payment on 14th & 15th Sep, 2013 (Saturday Sunday)

Income 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...

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HDFC Bank starts income tax payment facility through ATMs

Income 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...

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OBC launches Income Tax payment facility through ATMs

Income 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 ...

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Banks to accept tax payment on 29,30 & 31st March (full day with extended hours)

RBI/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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Recent Posts in "income tax payment"

Pay Advance income Tax to avoid late payment Interest

The Government believes that the tax payers should discharge their income tax liability simultaneously while earning and expects you to Pay as your earn. This philosophy is implemented through two modes....

Read More
Posted Under: Income Tax | ,

Advance Tax Provisions, Challan, e-payment Utility & Examples

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 More
Posted Under: Income Tax | ,

All about Online payment of Direct Taxes

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 More
Posted Under: Income Tax | ,

Income Tax for New Tax Return Filers- FAQs

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 More
Posted Under: Income Tax | ,

Which Challan to use for Paying Income Tax Appeal Fees

Corporate Assessee:- In case you have to deposit appellate fees, copying charges or other miscellaneous payments, tick box 0020, thereafter tick box '300 Self Assessment Tax' under 'Type of Payment' and fill up the amount to be paid in 'Others' column under 'Details of Payment'....

Read More
Posted Under: Income Tax | ,

A radical approach towards Indian Taxation System

Being a Chartered Accountant, many people (especially people from business fraternity) usually asks me how to save tax. But I always ask them to focus on increasing their revenues and consequently their income net of taxes....

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Posted Under: Income Tax |

Pay your 4th & last installment of Advance Tax by 15th March, 2020

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...

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Advance tax Provisions under Income Tax Act, 1961

Krishna! It is said that from now onwards everyone will have to pay 1st installment of advance Income tax before 15th June. To whom, how and when will this advance tax provision be applicable?...

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Practical Guide to Advance Tax Calculation & payment

Advance Tax provisions are not applicable in case of assessees having income under head PGBP U/s 44AD and 44AE i.e presumptive income. Advance Tax provisions are not applicable in case of senior citizens aged above 60 years, but if senior citizens have business income then Advance Tax provisions are applicable....

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Senior Citizens not having Business Income exempt From Advance 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....

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Why You Should Pay Taxes on Time

Indian Tax structure is very much understandable, but confusions arise in the minds of the people  due to many reasons. Lack of information and awareness are the prime reasons behind it which result in total negligence of tax and its formalities altogether. All of this eventually leads to late payment of tax which can further […]...

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Decision of Bombay HC needs Review: Deduction of Taxes paid Abroad

The foreign corporate tax written off in the books is not an allowable deduction In this regard, it is pertinent to note that the deductibility of the foreign tax has to be interpreted with reference to section 37(1) r.w. section 40(a)(ii) of the Income Tax Act, 1961. Understanding of the facts A view can be […]...

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Advance Tax – How to make Advance Tax Payment?

You do not have to wait for the financial year to end to deposit the tax. Rather, the tax has to be deposited before the end of every quarter. Since income tax has to be filled on earnings, that is why it is known as ‘Pay as you earn’ scheme. If you are not salaried […]...

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Posted Under: Income Tax |

Advance Income Tax Provisions in a brief

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, […]...

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Calculation of Marginal Relief in case of Individuals

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 ...

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Posted Under: Income Tax |

How to get proper credit of taxes paid by you?

Do’s for Taxpayers (A) The possible reasons for no credit being displayed in your Form 26AS can be: 1. Deductor/collector has not filed his TDS/TCS statement; 2. You have not provided PAN to the deductor/ collector; 3. You have provided incorrect PAN to the deductor/collector; 4. The deductor/collector has made an error in quoting y...

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Posted Under: Income Tax |

E-payment of income tax- an easy guide

Most of us are unaware about the payment of income tax online. We have to go to bank and deposit the tax which takes a lot of time. So here’s an easy guide to e payment of income tax online. To deposit the tax, please refer below mentioned steps: ...

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Posted Under: Income Tax |

E Payment of Income Tax – Fine tuning is required

 CA. M. Lakshmanan While paying direct taxes such as advance tax, self assessment tax, TDS and tax on regular assessment in the NSDL site after PAN and all other relevant columns such as assessment year, name, address, type of payment etc., are filled in and before we are directed to the Bank portal, the name […]...

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Do and Dont's in Payment of Tax & Challan Correction Mechanism

Taxpayers, deductors or collectors can pay direct taxes through Authorised Bank branches either physically, through ATM or through internet. Type of Challans to be used for tax payments...

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Posted Under: Income Tax | ,

Extend Challan correction mechanism to all type of tax payments – ICAI

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 More
Posted Under: Income Tax |

Rise of 12.50% in Net Direct Tax Collections up to 17.09.2013

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 More
Posted Under: Income Tax |

Basic Taxes (A Macro Overview of Income Tax)

Why tax is levied? The reason for levy of the taxes is because that they constitute the basic source of revenue to the government. Revenue that is raised through the collection of taxes is significantly utilized for ...

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Posted Under: Income Tax |

Banks to Accept Advance tax Payment on 14th & 15th Sep, 2013 (Saturday Sunday)

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 More
Posted Under: Income Tax |

Banks to accept tax payment on 29,30 & 31st March (full day with extended hours)

RBI/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....

Read More

HDFC Bank starts income tax payment facility through ATMs

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 More
Posted Under: Income Tax |

OBC launches Income Tax payment facility through ATMs

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 More
Posted Under: Income Tax |

Axis Bank launches income tax payment facility at ATMs

Private sector Axis Bank today announced the launch of the facility to pay income tax at ATMs. This facility, initially, will be available at select ATMs in the major centres and will shortly be made available at all 5,600-plus ATMs across the country, the bank said in a press release issued....

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Posted Under: Income Tax |

Electronic Clearing System of the Income Tax Department hacked: Hacker Diverted around Rs 15 crore; CBI asked to investigate

The Electronic Clearing System (ECS) of the Income Tax (I-T) Department has been hacked into, jeopardising the functioning of department across Mumbai. On Wednesday, three days after the incident, the I-T department handed over the investigation to the Central Bureau of Investigation (CBI)....

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Posted Under: Income Tax |

3 Idiots producer expected to pay largest tax paid by a film producer ever

The Income-Tax authorities expect to raise nearly Rs 30 crore from Vidhu Vinod Chopra — the Bollywood film producer, whose recently-produced movie 3 Idiots emerged as the highest grosser in the history of Hindi cinema — for his income in 2009-10. An I-T official, who did not wish to be named, said Mr Chopra visited the I-T department ...

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Posted Under: Income Tax |

Corporation Bank will offer income tax returns filing facility through ATM network

Aimed at retail assesses, state-owned Corporation Bank will offer income tax returns filing facility through its 1000-plus strong ATM network spread across the country, a top company official said. “We are offering a service for filing of Income Tax (I-T) returns for Corporation Bank debit card holders through our network of 1,000 p...

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Posted Under: Income Tax |

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