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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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