To begin with, Form 26QB (Challan-cum Statement) has a twin-fold objective that is synonymous with the two blades of a single scissor – It is both a return as well as challan form for the deductions that have been made u/s 194 of the Income Tax Act, 1961 for paying Tax Deducted ...
Efforts are also underway for message exchange/integration of our system with Income Tax department and Ministry of Corporate Affair for verification of PAN and DIN/CIN details respectively. Once implemented, this would further reduce the processing time of e-IEC applications at RA level (possibly o...
Step 1: Visit the bank branch receipt where the tax was deposited and carry the original challan receipt with you. Step 2: Ask and fill up the request form for tax correction. Submit a duplicate copy of the same to the related bank branch. Step 3: Submit the original challan counterfo...
If the total tax payable in a financial year is Rs. 10000 or more, then a person has to pay Advance tax. Advance tax meansincome taxshould be paid in advance instead of lump sum payment at year-end. You pay this tax in the financial year preceding the assessment year in four installme...
To set the challan details for all the transactions in one-go, pressAlt+S(Update Details), and enter the relevant details. PressEnterto save theChallan Details. PressCtrl+Ato save theTDS Challan Reconciliationscreen. Paid but not linked with TDS deduction Vouchers: This exception occurs when ...
The next step is to select the Act under which the payment is to be made. For profession tax, it should be either PTRC Act or PTEC Act. The applicant must enter other details like financial year, the period for which profession tax is required to be paid, location, amount (as per th...
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Download Policy keyboard_arrow_right I agree to theTerms & Conditions Source: gumlet A study conducted by the Tax Justice Network shows that India lost 57.4% of its total revenue from Income Tax due to corporate tax evasions by MNCs as of 2020. The remaining 42.6% was lost due to private...
Step 5: Make the payment. Save a copy of the payment challan for when you’re filing the ITR for your business.What is Advance Tax Late Payment Interest?If a taxpayer fails to pay the advance tax instalment on time, they are liable to pay an interest penalty under Section 234B and ...