tax payments

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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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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Practical Guide to Advance Tax Calculation & payment

Income Tax - 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

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....

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One Website for Online payment of all all Non-Tax Receipts

Income Tax - Finance Minister Shri Arun Jaitley inaugurates the Non-Tax Receipt Portal (NTRP); Portal provides a one-stop platform to citizens/corporates/other users for making online payment of Non-Tax Receipts to Government of India;...

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Advance Tax Payment Due date for December 2015 extended for taxpayers in Tamil Nadu and Puducherry

Income Tax - The last date of payment of December 2015 installment of advance tax for both corporate and non-corporate taxpayers in the State of Tamil Nadu and Union territory of Puducherry has been extended from 15.12.2015 to 31.12.2015 in view of unprecedented rainfall and floods in these areas....

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Electronic Mode of Payment- Who required to Pay Taxes online

Income Tax - Income Tax Rules provide that the following persons shall pay tax electronically (i.e. internet banking facility or through credit/debit cards) on or after the 1st day of August, 2008: i.  A company; and ii.  A person (other than a company), to whom the provisions of section 44AB of the Income-Tax Act 1961 are applicable. As […]...

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Direct Tax Collection during April-September 2014 increases by 15.00 percent

Income Tax - Gross Direct Taxes Collections during April-September of the Current Financial Year 2014-15 is up by 15.00 percent and stood at Rs. 3,46,144 crore as against Rs. 3,01,063 crore Collected during the same Period Last Year...

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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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Advance Tax Payment Due date for December 2015 extended for taxpayers in Tamil Nadu and Puducherry

F.No.385/26/2015-IT(B) - (15/12/2015) - The last date of payment of December 2015 installment of advance tax for both corporate and non-corporate taxpayers in the State of Tamil Nadu and Union territory of Puducherry has been extended from 15.12.2015 to 31.12.2015 in view of unprecedented rainfall and floods in these areas....

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Banks and RBI to facilitate Tax Payments on March 29, 30 and 31, 2014

RBI/2013-14/535 DGBA.GAD.No.H - 5430/42.01.029/2013-14 - (26/03/2014) - Agency banks doing Government business alone will be permitted to present instruments in the Special Clearing on other participating banks. Other member banks of the Clearing House (including the presenting banks) are required to keep their inward clearing processing infrastructure open during the S...

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RBI and Bank Branches to remain open on September 14 -15, 2013

RBI/2013-2014/253 DGBA.GAD.No.H – 1739/42.01.029/2013-14 - (13/09/2013) - With a view to facilitate collection of advance taxes for Income Tax and Corporate Tax and meeting the probable rush of tax-payers, it has been decided in consultation with the Department of Financial Services, ...

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Special Clearing on September 14 and 15, 2013 to facilitate accounting of Income Tax

RBI/2013-2014/252 DPSS.CO.CHD.No. 630/03.01.03/2013-2014 - (13/09/2013) - These special clearings are exclusively for Government receipts and is in addition to the normal clearing operations conducted on September 14, 2013 (Saturday). ...

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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 "tax payments"

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 | ,

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 | ,

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....

Read More
Posted Under: Income Tax | ,

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....

Read More
Posted Under: Income Tax | ,

Improvements required in E-payment of taxes

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 the Income Tax Department and it should be made available on entering the PAN […]...

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Posted Under: Income Tax |

Treatment of wrong kind of tax payment viz, CGST and SGST /UTGST In lieu of IGST and vice versa

Treatment of wrong kind of tax payment viz, CGST and SGST /UTGST In lieu of IGST and vice versa. Introduction: ♣ It is possible to come across situations where a registered person has paid the wrong kind of tax viz, CGST and SGST / UTGST in lieu of IGST and vice versa. Therefore, such incorrect […]...

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Posted Under: Income Tax | ,

Procedure to pay OIDAR Service Tax via foreign banks by NTT Assessee

Procedure for online payment through foreign banks in respect of OIDAR Service Tax Payments by Non Taxable Territory (NTT) Assessees...

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Posted Under: Income Tax |

All about E-payment of Indirect Taxes

E-payment of tax is a facility provided to the tax payers to make tax payments through internet using net-banking facility. Electronic Accounting System in Excise and Service Tax (EASIEST) is a web based payment gateway launched by CBEC in 2006/2007 enabling assessees to pay Central Excise Duties and Service Tax online. ...

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Posted Under: Income Tax |

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: Income Tax | ,

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