Tax can be paid by way of cash, cheque or draft in any authorised national banks, in the prescribed challan. The challan can be obtained from Income tax Offices.
Income Tax Return is a statutory return to be filed by assessee with Income Tax Department stating the total income earned & tax paid/payable by him during the previous financial year.
If a person has sustained a loss in the previous year and wishes to carry forward the loss to the subsequent year he should furnish a return of loss in the prescribed form before the due date.
No, if you are an individual or HUF, you do not have to pay tax till you reach a specified exemption limit; once you cross that limit tax have to be paid as per following rates, slab wise:
If you are Individual or HUF, then Yes, if you fulfils any one of the following conditions at any time during the previous year :
However, the government has specified that the above provision is not applicable in the case of a Non-Resident Indian (NRI).
Also if you are at least 65 years of old and not engaged in any business /profession, then you may not file return even when you fulfill conditions 2 or 4 above.
See Also: How To Calculate Income Tax For Salaried Person?
Class of Assessees |
Category |
Form |
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Individuals, HUF, Firms etc. (except companies and charitable assessees) |
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|
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Charitable assesses |
All cases |
Form No 3A |
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Company except charitable assesses |
All cases |
Form No 1 |
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Search cases |
All cases |
Form No 2B |
Category |
Due date |
For four categories namely : |
31st October |
In any other case |
31st Jul |
The Electronic Filing of Income Tax Returns was introduced in 2004. Under this scheme, eligible assessees can file their returns of income electronically through authorised persons to act as e-return intermediaries on or before the due date.
The intermediaries digitalise the data of such returns and transmit the same electronically to the e-filing server of Income Tax Department under their digital signatures.
See Also: How To Calculate Your Taxable Income?
Any assessee except an Association of persons or Body of Individual, who has been allotted a permanent account number (PAN) and who is assessed or is assessable to tax in any of the selected cities, which are presently on Income Tax network is eligible to file his return of income under this scheme.
See Also: Income Tax Return Filing And Eligibility
If the return is not furnished within the time prescribed or within the time permitted under a notice issued, the person can furnish the return of any previous year at any time before the end of one year from the end of the relevant assessment year, or before the completion of the assessment year.
A penalty of up to Rs 5,000 is required to be paid if the tax man picks up your paper for assessment. In addition, a penal interest @ 1% per month would be charged for default in tax payments.
When speaking of belated filing of returns, the tax payer is ought to be in either of the following two situations.
a) He or she has paid all his taxes but failed to file the returns on the due date for genuine reasons.
b) He or she has not only failed to file the returns but also failed to pay his taxes on the due date
In the first case, since the assessee has cleared all his dues to the government, no penalty or interest shall be charged; provided the returns is filed by the end of the assessment year.
However, if the assessee belongs to the second category of people, who have failed to deposit the tax dues with the government before the due date, interest @ 1% per month or part of the month (simple interest) shall be levied on the amount of net tax due from him under section 234A of the Income-Tax Act from the date immediately following the due date till the date of filing of returns.
Advance tax means the advance tax payable in accordance with the provisions of Chapter XVII-C. Tax shall be payable in advance during any financial year in respect of the total income of the assessee which would be chargeable to tax.
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