Income tax

As per section 208 of income tax act 1961, if advance tax payable as calculated in accordance to the provisions of the Income Tax Act is 10,000 rupees or more, then it shall be paid during the same financial year in installments before the due date as specified under section 211. Section 234B and 234C deals with provisions related to interest payable for defaults in payment … [Read more...] about Section 234B and 234C – Interest on defaults and deferment in payment of advance tax

As per the provisions of income tax act 1961, an assesse is required to deduct tax at source for certain specific payments under section 192 to 196C if conditions as laid down in those relevant sections are satisfied. For example as per section 194C of Income Tax Act 1961, TDS has to be deducted from payments to contractor if such payment is more than Rs 75000 for a year … [Read more...] about Interest to be charged for failure to deduct and pay TDS – Section 201(1A)

In income tax, we have certain cases where the assessee is required to pay interest compulsorily either for default in furnishing return of income or payment of tax or failure to pay or deduct TDS. Today, through this write up, we are going to discuss how to calculate interest in case of default in furnishing return of income or is not furnished. This provision is specified … [Read more...] about How interest for default in furnishing return of income is calculated – Section 234A

As per the present tax laws, assessee is required to file return of income with IT department if his gross total income exceeds the amount of the basic exemption limit. It does not mean than those having income less that the gross total income cannot file their tax return. If you want to claim refund for the excess TDS deductions then it can be done by filing a tax return … [Read more...] about Now you can claim your tax refund for six years and carry forward losses