Income tax authorities have specified deadlines for many actions. If you follow the rules, you stand to gain in terms of saving on income tax and peace of mind.
As a consultant you are required to pay a flat 10 per cent tax on income while an employee is taxed as per applicable slab, the highest being 30 per cent along with surcharge.
Banks, led by market leaders State Bank and ICICI Bank, have fared poorly on the advance tax front in the third quarter, tempering growth rate to around 10 per cent from the nation's largest revenue zone.
Government amended the law so as to require you to pay the advance tax in four instalments namely 15th June, 15th September, 15th December and 15th March in the ratio of 15%, 30%, 30% and 25% respectively on these dates
There is no way in which the investor will actually be able to know whether they would be covered as the dividend declared by companies is not certain.
PK Gupta, Managing Director of SBI says that while Q4 slippages will be same as Q3, FY17 will have low slippages.
Account for the penal interest as per the provisions of the law and pay your dues as soon as possible to minimise the burden.
Though senior citizens need not pay advance tax, they have to account for income tax and pay it. Also they are expected to file income tax returns, as per rules.
As part of its latest drive to widen the tax base, the Income Tax department has asked traders and businessmen to pay advance tax rather than file annual returns at the end of the financial year so they can be added as new assesses promptly.
Payment of advance tax is a must in India for certain types of tax payers. Do read to understand who should pay advance tax and what are the rules that govern the payment of advance tax.
If you have not paid advance tax, better pay self assessment tax with interest before August 31.
Under section 234 C, you have to pay an interest at 1% rate of interest for one month
During the April-February period of the last fiscal, the government had collected Rs 5.53 lakh crore under this head.
Investors who have long term capital gains that they have earned from equity shares need not have much to worry about due to the fact that this are subject to zero rate of tax and hence there is no liability that they would incur when such gains are made.
"Yes, we will see some pressure on liqudity condition due to advance tax payout, but the Rs 50,000-crore term repo auction will provide support," Harihar Krishnamoorthy, Treasurer at FirstRand Bank, told PTI.
The GJF represents over 6,00,000 members comprising manufacturers, wholesalers, retailers, distributors, labs, gemologists, designers and allied services among others.
In case you have yet not made your full investment, you can now invest the money either in PPF account or buy NSC as it is not advisable to invest in ELSS in lump sum at this moment. Please ensure that the sum is actually debited in your bank account so as to ensure that your claim is not jeopardised.
Mortgage lender HDFC is likely to have paid Rs 650 crore in the reporting quarter against Rs 560 crore a year go, an increase of 16.07 percent.
Most public sector banks have been the dampeners, suggests data as the country‘s largest bank, State Bank of India (SBI) is likely to shell out Rs 1100 crore as advance tax as compared to the Rs 1820 crore which they paid last year.
There are several financial steps that the individual needs to take as the financial year comes to an end.
Banking and financial institutions recorded a healthy growth in fourth and final quarter of current financial year, leaving the tax department hopeful of meeting the Mumbai target of Rs 1.74 lakh crore
Advance tax collection registered a marginal increase of 7.5 per cent in the third quarter to Rs 78,000 crore, reflecting the impact of slowing economy.
The overall advance tax realisation from the top 100 companies in the financial capital during the second quarter logged in a healthy 10% rise.
Financial sector companies, led by life insurance giant LIC and private lender HDFC Bank 2.38%, today posted a healthy increase in their second quarter advance tax payout belying sluggishness in the economy.
The CPI for May came in at 10.36%, raising concerns over high inflation, says Suresh Prabhu, Money Market Analyst.