- How to deposit Self Assessment Tax or Advance tax to the credit of Government?
Self – Assessment Tax or Advance Tax is to be deposited to the credit of Government by using the challan prescribed in this behalf, i.e., ITNS 280. The Challan can be downloaded from www.incometaxindia.gov.in Tax can be paid in the designated banks through two modes, viz., physical mode, i.e., cash/cheque or e-payment mode.
- In the Challan there are terms like Income-tax on companies & Income-tax other than companies. What do they mean?
The tax that is to be paid by the companies on their income is called as corporate tax, and for payment of same in the challan it is mentioned as Income-tax on Companies (Corporation tax). Tax paid by non-corporate assessees is called as Income-tax, and for payment of the same in the challan it is to be mentioned as Income-tax (other than Companies).
- How is advance tax calculated and paid?
Advance tax is to be calculated on the basis of expected tax liability of the year. Advance tax is to be paid in instalments as given below:
|Status||By 15th June||By 15th Sept||15th Dec||15th March|
Any tax paid till 31st March is treated as advance tax.
The deposit of advance tax is made through challan ITNS 280 by ticking the relevant column, i.e., advance tax.
- What is tax on regular assessment and how is it paid?
Under the Income-tax Act, every person has the responsibility to correctly compute and pay his due taxes. Where the Department finds that there has been understatement of income and resultant tax due, it takes measures to compute the actual tax amount that ought to have been paid. This demand raised on the person is called as Tax on regular assessment. The tax on regular assessment has to be paid within 30 days of receipt of the notice of demand.
- What are the precautions that I should take while filling-up the tax payment challan?
While making payment of tax, apart from other things, one should clearly mention following :
- Head of payment, i.e., Corporation Tax/Income-tax (other than companies)
- Amount and mode of payment of tax
- Type of payment [i.e., Advance tax/Self assessment tax/Tax on regular assessment/Tax on Dividend/Tax on distributed Income to Unit holders/Surtax]
- Assessment year
- The unique identification number called as PAN [Permanent Account Number] allotted by the IT Department.
- Do I need to insist on some proof of payment from the Banker to whom I have submitted the challan?
The filled-up taxpayer’s counterfoil will be stamped and returned to you by the bank. Please ensure that the bank’s stamp contains BSR Code [Bankers Serial Number Code], Challan Identification Number [CIN], and the date of payment. In case of e-payment a computer generated copy will be issued.
- How can I know that the Government has received the amount deposited by me as taxes in the bank?
The NSDL website [http://www.tin-nsdl.com] provides online services called as Challan Status Enquiry. You can also check your tax credit by viewing your Form 26AS from your e-filing account at www.incometaxindiaefiling.gov.in
Form 26AS will also disclose the credit of TDS/TCS in your account.
- What should I do if my tax payment particulars are not found against my name in the website?
The possible reasons for no credit being displayed in your Form 26AS can be:
- Deductor/collector has not filed his TDS/TCS statement;
- You have not provided PAN to the deductor/collector;
- You have provided incorrect PAN to the deductor/collector;
- The deductor/collector has made an error in quoting your PAN in the TDS/TCS return;
- The deductor/collector has not quoted your PAN;
- The details of challan against which your TDS/TCS was deposited was wrongly quoted in the statement by the deductor or wrongly quoted in the challan details uploaded by the bank.
7. To rectify these errors you may request the deductor:
i. to file a TDS/TCS statement if it has not been filed;
ii. to rectify the PAN using a PAN correction statement in the TDS/TCS statement that has been already uploaded if it has made an error in the PAN quoted;
iii. to furnish a correction statement if the deductor had filed a TDS/TCS statement and had inadvertently missed providing your details or you had not given your PAN to him before he filed the TDS/TCS return;
iv. to furnish a correction statement if the deductor had filed a TDS/TCS statement which had mistake in the challan details;
v. to take up with the bank to rectify any mistake in the amount in the challan details uploaded by the bank.
- Is my responsibility under the Income-tax Act over once taxes are paid?
No, you are thereafter responsible for ensuring that the tax credits are available in your tax credit statement and TDS/TCS certificates received by you and that full particulars of income and tax payment are submitted to the Income-tax Department in the form of Return of Income which is to be filed before the due date prescribed in this regard.