![]() The Assessment Year is, on the other hand, the succeeding year in which an evaluation of the previous year’s income has to be made. What is meant by Assessment year and Financial Year?įinancial Year is the current working year in which an individual or corporation earns income. This is the balance or remaining tax paid by an individual or taxpayer after taking into account the TDS and Advance Tax. However, any tax paid till 31 st March will be treated as Advance Tax. Presumptive Income) are also required to pay Advance Tax on or before 15 th March of the previous year. Note: The Assessee who are covered under 44AD and 44ADA (i.e. Payment of Advance Tax: Companies Due Date ![]() ![]() “The Income-tax department issued the press release related carry forward of losses in the shareholding case due to disinvestment.” Read Press Release.“CBIC issues Income Tax 29th amendment rules 2021.” Check PDF.”Meeting of BRICS Heads of Tax Authorities and Experts on Tax Matters held virtually under Chairship of India” Read Press Release.“Income Tax Department conducts searches in Mumbai and other regions” Read Press Release.“The central government has issued the press release for relaxation of TDS provisions u/s 194A under the Income-tax act.” Read more.“The Income-tax department again extended the due date for linking PAN with Aadhaar and penalty proceeding from 30th September to 31st March 2022.” Read more.The CBDT department enabled utility on the new ITR version 2.0 website for Forms 3CA-CD & 3CB-CD. ![]() The CBDT department enabled can easily download reports for filing tax audit reports in the assessment year 2021-2022 Taxpayers.The CBDT has extended the last date for updating UDINs for all the IT forms at the e-filing portal till 30th April 2022.“The income tax department has extended the due date for filing of various tax reports of audit for FY 2021-22 from 30th September 2022 to 7th October 2022 for certain categories of assesses”.“Extension of due date for furnishing return of income for the Assessment Year 2022-23- reg”, Read more.Taxpayers, Businesses, Salaried Individuals, and freelancers with tax liabilities during the current financial year are greater than Rs 10,000 needed to pay advance tax in four instalments throughout the financial year in which they earn income.īuild an Effective Accounting and CA Website for Your Firm Advance TaxĪlso referred to as the ‘pay as you earn Scheme ’ in contrast to the scheduled annual tax payment tax procedures, Advance Tax is paid on a Presumptive basis. TDS is an ideal mechanism for the government to ensure timely Income Tax payment as well as curb tax evasion. The other person/corporation must, however, abide by the prevalent IT laws. The tax is paid by a third person/corporation who/which happens to be the source of income for the taxpayer if the payment exceeds certain threshold limits at the rate prescribed by the government of India. ![]() TDS, as it is commonly known as Tax Deducted at Source. Income Tax is further subdivided into many categories but there are three main categories of income tax based on the category of the payee and time of payment. In addition to these Income Tax also acts as a fiscal deficit stabilizer as well as minimizing the impact of Global Economic Cycles. Like all taxes, accrues from Income Tax also constitute a good portion of the country/state treasury. Income tax due dates come every year in March ending must be followed strictly for safeguarding financial interest.Ī popular example in this regard would be the GST or the VAT. Indirect tax is levied on goods and services. There are different types of taxes and they can all be categorized into two main groups i.e Direct tax and Indirect Tax.Ī direct tax is levied on the income or profit of an individual. Tax is a pivotal arm for the good governance of a state or nation. ![]()
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