The presumptive taxation scheme of section 44AD is designed to give relief to small taxpayers engaged in any business (except the business of plying, hiring or leasing of goods carriages referred to in section 44AE). In this part you can gain knowledge on various provisions relating to payment of advance tax by a taxpayer.Īdvance tax is calculated as given below:Ī) In case of all assessees (other than the eligible assessees as referred to in section 44AD and 44ADA of the Income Tax Act):Īt least to 45% On or before September 15ī) In case of eligible assessee as referred to in section 44AD and 44ADA: 100% On or before March 15. The deposit of advance tax is made through challan ITNS 280 by ticking the relevant column, i.e., Advance Tax.Īs 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’. The taxpayer can pay the self-assessment tax online through the income tax department’s website or by visiting a designated bank branch.Īny tax paid on or before March 31st is treated as advance tax paid during the same FY. Self-assessment tax is calculated based on the income tax rates and rules applicable for that particular financial year. This is usually done when the taxpayer finds that the tax already paid, either through TDS (tax deducted at source) or advance tax, is less than the actual tax liability.Īlso Read: Income Tax Return: Who Is Eligible To File ITR 1 Sahaj Form? It refers to the additional tax paid by an individual or entity to the government after calculating their total tax liability for a particular financial year. 6 Things Income Tax Department Expects From You And How To Handle Them
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