Advance tax payment

By | 2018-08-08T08:51:12+00:00 June 25th, 2016|Categories: Tax payments and Refund, Tax Savings|Tags: , |

Advance Tax   As the name says, advance tax is the tax paid by individual before the end of financial year. Tax is paid in 3-4 installments depending upon the type of assesee. It is a “pay while you earn” approach. Every person whose total income exceeds 10,000 is liable for advance tax payment on or [...]

Due Dates for Advance tax payment and Interest Penalty

By | 2018-08-08T09:18:15+00:00 June 25th, 2016|Categories: Tax payments and Refund|Tags: , , |

Dates for Advance Tax   Advance tax is a way of collection of tax by the government. If total income of an asessee exceeds Rs 10,000 in a financial year, tax is payable in installments of your yearly tax payable. It should be paid in the year in which the income is earned. In other words, [...]

Calculate Advance Tax

By | 2018-08-08T09:11:39+00:00 June 24th, 2016|Categories: Tax payments and Refund, Tax Savings|Tags: , |

Advance Tax   Advance tax is a mean of payment of tax where the assessee pays tax while he earns in installments instead of lump sum payment at end of the year. Advance tax is paid if the total income exceeds Rs. 10,000 in a financial year. Seniors citizens older than 60 years of age who [...]

How to pay Income Tax that is due

By | 2018-08-08T09:07:28+00:00 June 22nd, 2016|Categories: Tax payments and Refund|

Paying Due Income Tax This is a step by step guide to pay your due Income Tax. Step 1 :- Select Challan 280 in the tax information network of the Income Tax Department.   Step 2 :- Fill in the details in the new window carefully. Choose “(100) ADVANCE TAX” if the tax is being paid [...]

Interest on Late Filing Fees

By | 2018-08-08T09:14:20+00:00 June 10th, 2016|Categories: Tax payments and Refund|Tags: , |

Read the article below to understand the interest calculation on Late Filing Fees The instructions drawn by the Income Tax Department must be adhered to by the taxpayers. In Section 234 of the Income Tax Act 1961, the following are the three options for filing late fees: Interest on Delayed tax return filing – Section 234A [...]

Interest on Late Deposit of Advance Tax (During FY)

By | 2018-08-08T09:09:57+00:00 June 10th, 2016|Categories: Tax payments and Refund|

Understanding the procedure of Payment in case of Deferment of Advance Tax In case of default in payment of installment(s) of advance tax, Section 234C provides for levying interest on the unpaid/short paid amount at the time of filing of the returns. According to Section 208, every individual whose tax liability for any financial year exceeds [...]

Interest on Late Deposit of Advance Tax (Post FY)

By | 2018-08-08T08:41:27+00:00 June 10th, 2016|Categories: Tax payments and Refund|Tags: , |

Interest on Late Deposit What does Advance Tax payment mean? It means payment of the tax dues on the stipulated time provided by the Income Tax Department. What happens if a person fails to pay the Advance Tax? If a person fails to pay this tax or if he/she pays the amount less than 90% of [...]