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Showing posts with label 26AS. Show all posts
Showing posts with label 26AS. Show all posts

Payment and Status of Income Tax

Payment and Status of Income Tax 

Payment and Status of Income Tax

Recent directions (as on 26.06.2021) to extend the due dates in Tax Compliance:

Income Tax

Tax Collection by Government:

The Government collects income tax in three ways i.e. Tax Deduction at Source (TDS), Tax Collection at Source (TCS) and Voluntary Payments by Taxpayers i.e. Advance Tax and Self Assessment Tax. It is the responsibility of each citizen, each trader / firm / company to compute and deposit the tax within the prescribed time limits. The taxable amount can be paid in banks by filing the desired challan form and the bank returns the information duly stamped by bank stating BSR (Bankers Serial of Receipt), CIN (Challan Identification Number) and date of payment. The assessee can also check the status of challan by visiting www.tin-nsdl.com and click upon Challan Status Enquiry. Apart from it, the 26AS statement of the assessee will also show the credit of TDS/TCS/Advance Tax/Self Assessment Tax deposited by the assessee.

Tax on Regular Assessment:

The income tax department checks the self-assessed income tax paid by the assessee and in case, it is less than the actual tax then the department raise the demand which is known as tax on regular assessment-400.

Advance Tax:

Advance Tax is calculated on the basis of expected tax liability and it is required to be paid in installments i.e. upto 15% by 15th June, 45% by 15th September, 75% by 15th December, and 100% by 15th March of the Financial Year. The advance tax is deposited through Challan ITNS 280.

What to do if 26AS is not showing accurate tax credit?
The tax credit is shown on real-time basis in 26AS if payment of the self-assessment tax or advance tax is made. In case of TDS/TCS, the tax credit is shown when the deductor or collector file his TDS/TCS statement by quoting accurate PAN number of the assessee whom tax is deducted or collected at source. In case, the deductor or collector made errors in quoting accurate PAN then the tax credit will not be reflected and in such cases, it is required to file PAN correction statement or to furnish a correction statement by the banker/deductor/collector.

Do You Know

If any taxpayer is giving any amount in "Income from other sources", and paying income tax upon it. Even in such case, he / she requires to maintain proof of the earning and the necessary records as per the provisions of income tax. Merely declaring an income under other sources, cannot be used to make black money transformed in white.
Even if there are no prescribed provision for maintaining any record in any case, then also it's duty of taxpayer who is mentioning an amount as income, to maintain reasonable record to support the claim of income.

Extended due dates by Income Tax Department









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