Blogs

image

5 Smart Things You Should Know About Advance Tax

Category: Tax     Date: Oct 28, 2017
1. Income tax that requires to be paid in the installments during the year instead of lump sum payment at the year end is known as advance tax or pay as you earn tax.

2. If the total tax accountability of any taxpayer is more than Rs 10,000 in a financial year then he is subject to pay the advance tax during the year.

3. Advance tax administers to all the tax payers, salaried, freelancers and businessmen. The senior citizens not having any business income are immune from the payment of advance tax.

4. Advance tax is payable in the instalments with 15% on or before the 15th of June, 45% on or before the 15th of September, 75% on or before the 15th of December and 100% requires to be paid on or before the 15th of March.

5. For the individuals with salary as the exclusive income, advance tax is taken care of by the deduction of TDS by the employer at the time of crediting the salary.

With the help of Tax Assist and its team of income tax professionals, taxpayers can minimize their Income Tax liability, maximize their net income and create opportunities to save for current and future needs while maintaining proper accounting standards and income tax returns which are compliant with the Law.

Read more

image

Tax Payment Procedure Under GST?

Category: Tax     Date: Oct 28, 2017
Now that the GST will soon be launched, an essential point to note is the process of tax payment. First, it is essential to understand if the individual or entity is qualified for GST tax or not. There are various conditions which the taxpayer can check to understand the criteria for the qualification and the payment of GST tax.

Tax payment is demanding as late payment can attract penalty and even cancellation of the business or ventures by individuals or the entities. Below here is a short introduction on the GST tax payment in India.

  • Mode of Payment
  •  Internet Banking/Credit Cards/Debit Cards
  •  Over the counter payment
  •  NEFT/RTGS

CGST, IGST & SGST, all the three forms of Goods & Service tax can be paid through both online and offline mode. An individual can use their credit card, debit card or net banking to pay for taxes under the GST in the online mode.

For offline mode, the individuals can pay taxes through cheque across all the authorized banks in India. Also individuals can pay cash across the authorized banks for the GST tax payment. There is another point which needs to be noted here is that for paying taxes under all the forms of GST, you will require one common challan. This Challan will be used for all the payments. Alternatively, the government also allows the NEFT& the RTGS payment facilities for settling the payments of SGST, CGST & IGST. The IT framework GSTN has been given the business of constructing and maintaining the payment collection structure for the GST.

The detailed process of tax payment under the GST is described below:-

Once draft challan is created, the applicant or the taxpayer will have to fill the tax details for the payment. Agreed by the RBI representative, the RBI will act as a recipient for the transferred amount either by RTGS or NEFT.

This eliminates the requirement of linking up with the authorized banks for receiving the payments and after that transferring to the RBI. RBI will only act as the authorized bank. The taxpayer will then be choosing the payment mode from the authorized bank. The generated challan will contain a unique Common Portal Identification Number (CPIN) code.

A generated challan is frozen and cannot be modified. The CPIN is valid for only 7 days. Within this 7 day validity, the tax amount requires to be tendered. Therefore, the CPIN will be live for 30 days with the RBI. It is essential to note that the taxpayer who has used the CPIN code more than twice after the 7 day validity period will be blocked.

Once the challan is successfully generated, it is accessible across the taxpayer’s account dashboard. It can be either printed or downloaded. Hence, the taxpayer will be able to either print the challan offline or download it directly from the portal.

GST Payment Through NEFT or RTGS

Apart from the challan, the GSTN will be bearing the RTGS or NEFT authorization. The NEFT or the RTGS authorise will be generated by the GSTN in the ‘Account Name’ field. There will be an essential disclaimer across the copy of the challan. This disclaimer indicates that the transaction should be between the taxpayers and their authorized banks only and then the payment will be acknowledged as received by the GST portal and by the government. The payments in these modes will be only accepted against the cheques. The GST Portal will not allow any cash payments for the tax payments under the GST, under the RTGS or NEFT mode.

TaxAssist is a professional income tax consultancy in India for both corporate houses and individual tax payers; the latter comprising Salaried Individuals, Seafarers, Professionals and Non Resident Indians.

Read more

>
 +91 98307 56567
 info@AlfredJordan.com
Please enter your message below:

NRI e-Filing :  


Packages  |   Speak to US

FAQ's  |   Documents  |   Do it Yourself


NRI Tax Notice :


Packages  |   Speak to Us

FAQ's  |   Documents  |   Do it Yourself



Seafarer e-Filing :

Packages  |   Speak to US

FAQ's  |   Documents  |   Do it Yourself


seafarer Tax Notice :

Packages  |   Speak to Us

FAQ's  |   Documents  |   Do it Yourself

WILLS & PROBATES :

Speak to Us  |   FAQ's  |   Documents


Real Estate Valuation :

Speak to Us  |   FAQ's  |   Documents


Gold & Jewellery Valuation :

Speak to US  |   FAQ's  |   Documents



Plant & Machinery Valuation :

Speak to Us  |   FAQ's  |   Documents


Agricultural Lands Valuation :

Speak to Us  |   FAQ's  |   Documents



Vehicles Valuation :

Speak to an Advsior  |   FAQ's     Documents


TA