Self Assessment Tax

Self Assessment Tax explained in simple manner with charts and diagrams

Income Tax - Self Assessment Tax  alongwith interest is required to be deposited before furnishing the return of income and the proof of such payment should be attached with the return of income. Note 1: Where the amount paid by the assessee under section 140A is less than the amount required to be paid under section 140A, then […]...

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Procedure for Correction of Income Tax Payment challan

Income Tax - Revised Procedure from 1st September 2011 to get Income Tax , TDS, Self Assessment Tax, Advance Tax, Wealth Tax and Other Direct tax Payment Challan corrected / Rectified which were paid at bank in Physical Mode and time period within which correction request can be made along with conditions , Procedures for the same and Format of the ...

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Assessments and Monitored Assessments under the Income-tax Act, 1961

Income Tax - All taxpayers are assessed u/s.143, u/s.147, u/s.148 and u/s.153 of the Income-tax Act, 1961. After filing of return, when an asses see is being assessed by an Assessing Officer, he/she is required to file his/her submissions before the respective authority during the course of assessment. All these assessments are popularly known as ‘S...

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New Income Tax Rules and Requirement for filing of ITR for A.Y. 2009-10

Income Tax - For the current year, there have been a few changes which have been introduced and need to be kept in mind while filing the returns.The tax department has taken steps to make income tax returns filing easier and simple. In the past few years, there have been many improvements and use of technology by the Income Tax […]...

Read More

Last date for payment of advance tax is March 15, Pay Tax to avoid Interest

Income Tax - Under the Income Tax Act, the total tax liability has to be paid in installments as advance tax on or before specified due dates. Credit is given to the assessee for advance tax paid by him at the time of determining his final tax liability. Any remaining amount has to be paid as self-assessment tax […]...

Read More

Now, pay income tax dues at banks

Income Tax - In order to avoid the last-minute rush for customers paying their income-tax dues, the Reserve Bank on Friday said tax payers may use select branches of some public and private sector banks to remit their dues in advance. Some of the branches of State Bank of India, State Bank of Travancore, State Bank of Hyderabad, State Bank of Mysore, ...

Read More

Government decided to crackdown on defaulters of self-assessment tax

Income Tax - The government has decided to crackdown on corporate and individuals that have defaulted on payment of their self-assessment in the year in a bid to boost direct tax collections that are well below the target for the year. Direct tax collections need to grow at 18% over the remaining five months of the fiscal 2009-10 ending March 2010 for...

Read More

Pyramid Saimira to challenge I-T dept in court on Monday for against the IT dept. decision to attach bank a/c

Income Tax - Leading theatre chain Pyramid Saimira will move court on Monday against the Income-Tax department’s decision to attach the company’s over Rs 240 crore bank accounts for alleged non-payment of tax. “We will file a case against the Income-Tax department at the Madras High Court on Monday,” a company source told PTI. ...

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IT Department in Mumbai yet to recover 1000 Crore Self Assessment Tax

Income Tax - The Mumbai income tax department has detected that self assessment tax worth Rs 1,000 crore has not been paid since September 2008. Self assessment tax is the amount payable by the taxpayer’s own admission in the return filed by him. Despite this information, many taxpayers have not paid the tax till now. Self assessment return [&hellip...

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Failure to remit tax will invite prosecution: IT department

Income Tax - Noticing instances of non-remittance of Tax Deducted at Source (TDS), the Income Tax department on Thursday said that any failure to remit the tax would attract serious consequences including prosecution....

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New TDS and TCS payment and information reporting system

Circular No. 02/2009-Income tax - (21/05/2009) - CIRCULAR NO. 02 / 2009 One of the fundamental principles of financial accounting is that if a person claims credit for payment of money to a third person, the credit should be allowed only if the payment and the information relating to the transaction have been received from the third person. The ...

Read More

Recent Posts in "Self Assessment Tax"

Self Assessment Tax explained in simple manner with charts and diagrams

Self Assessment Tax  alongwith interest is required to be deposited before furnishing the return of income and the proof of such payment should be attached with the return of income. Note 1: Where the amount paid by the assessee under section 140A is less than the amount required to be paid under section 140A, then […]...

Read More
Posted Under: Income Tax |

Now, pay income tax dues at banks

In order to avoid the last-minute rush for customers paying their income-tax dues, the Reserve Bank on Friday said tax payers may use select branches of some public and private sector banks to remit their dues in advance. Some of the branches of State Bank of India, State Bank of Travancore, State Bank of Hyderabad, State Bank of Mysore, ...

Read More
Posted Under: Income Tax |

Procedure for Correction of Income Tax Payment challan

Revised Procedure from 1st September 2011 to get Income Tax , TDS, Self Assessment Tax, Advance Tax, Wealth Tax and Other Direct tax Payment Challan corrected / Rectified which were paid at bank in Physical Mode and time period within which correction request can be made along with conditions , Procedures for the same and Format of the ...

Read More
Posted Under: Income Tax | ,

Assessments and Monitored Assessments under the Income-tax Act, 1961

All taxpayers are assessed u/s.143, u/s.147, u/s.148 and u/s.153 of the Income-tax Act, 1961. After filing of return, when an asses see is being assessed by an Assessing Officer, he/she is required to file his/her submissions before the respective authority during the course of assessment. All these assessments are popularly known as ‘S...

Read More
Posted Under: Income Tax |

Government decided to crackdown on defaulters of self-assessment tax

The government has decided to crackdown on corporate and individuals that have defaulted on payment of their self-assessment in the year in a bid to boost direct tax collections that are well below the target for the year. Direct tax collections need to grow at 18% over the remaining five months of the fiscal 2009-10 ending March 2010 for...

Read More
Posted Under: Income Tax |

New Income Tax Rules and Requirement for filing of ITR for A.Y. 2009-10

For the current year, there have been a few changes which have been introduced and need to be kept in mind while filing the returns.The tax department has taken steps to make income tax returns filing easier and simple. In the past few years, there have been many improvements and use of technology by the Income Tax […]...

Read More
Posted Under: Income Tax |

New TDS and TCS payment and information reporting system

Circular No. 02/2009-Income tax (21/05/2009)

CIRCULAR NO. 02 / 2009 One of the fundamental principles of financial accounting is that if a person claims credit for payment of money to a third person, the credit should be allowed only if the payment and the information relating to the transaction have been received from the third person. The advance tax and self assessment tax is p...

Read More

Pyramid Saimira to challenge I-T dept in court on Monday for against the IT dept. decision to attach bank a/c

Leading theatre chain Pyramid Saimira will move court on Monday against the Income-Tax department’s decision to attach the company’s over Rs 240 crore bank accounts for alleged non-payment of tax. “We will file a case against the Income-Tax department at the Madras High Court on Monday,” a company source told PTI. ...

Read More
Posted Under: Income Tax |

Last date for payment of advance tax is March 15, Pay Tax to avoid Interest

Under the Income Tax Act, the total tax liability has to be paid in installments as advance tax on or before specified due dates. Credit is given to the assessee for advance tax paid by him at the time of determining his final tax liability. Any remaining amount has to be paid as self-assessment tax […]...

Read More
Posted Under: Income Tax |

IT Department in Mumbai yet to recover 1000 Crore Self Assessment Tax

The Mumbai income tax department has detected that self assessment tax worth Rs 1,000 crore has not been paid since September 2008. Self assessment tax is the amount payable by the taxpayer’s own admission in the return filed by him. Despite this information, many taxpayers have not paid the tax till now. Self assessment return [&hellip...

Read More
Posted Under: Income Tax |
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