income tax payment

A radical approach towards Indian Taxation System

Income Tax - 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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Senior Citizens not having Business Income exempt From Advance tax

Income Tax - In order to reduce the compliance burden of such senior citizens, it is proposed that a resident senior citizen, not having any income chargeable under the head “Profits and gains of business or profession”, shall not be liable to pay advance tax and such senior citizen shall be allowed to discharge his tax liability (other than TDS) ...

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Advance Tax Provisions, Payment 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 - 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),Securities Transaction Tax (STT) ,Wealth-tax and other direct taxes like gift tax, expenditure tax, etc.In this article we discussed for whom online payment is Compulsory , what details is r...

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31 FAQs on Income Tax for New Tax Return Filers

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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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"

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....

Read More
Posted Under: Fema / RBI |

Senior Citizens not having Business Income exempt From Advance tax

In order to reduce the compliance burden of such senior citizens, it is proposed that a resident senior citizen, not having any income chargeable under the head “Profits and gains of business or profession”, shall not be liable to pay advance tax and such senior citizen shall be allowed to discharge his tax liability (other than TDS) ...

Read More
Posted Under: Fema / RBI | ,

Advance Tax Provisions, Payment 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: Fema / RBI | ,

All about Online payment of Direct Taxes

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),Securities Transaction Tax (STT) ,Wealth-tax and other direct taxes like gift tax, expenditure tax, etc.In this article we discussed for whom online payment is Compulsory , what details is r...

Read More
Posted Under: Fema / RBI |

31 FAQs on Income Tax for New Tax Return Filers

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: Fema / RBI | ,

Now everyone to pay 1st advance tax installment before 15th June!

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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Posted Under: Fema / RBI |

Hurry up and pay advance tax to avoid exorbitant interest later

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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Posted Under: Fema / RBI | ,

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: Fema / RBI |

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: Fema / RBI |

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'....

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Posted Under: Fema / RBI | ,
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