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Income Tax

Income Tax related News, Articles and Information

Consequences of non payment of Advance Tax

Can the taxes be paid from other’s account?

  What is Advance Tax? The income Tax payers have to estimate their income for the current year (for example – current year is starting from1st April 2014 and ending on 31st March 2015) and compute the applicable taxes on such income. The taxes so computed have to be paid ...

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TARC Report – Suggestion to increase tax revenues and tax base

Tax Administration Reforms Committee Report

  “Ultimately, TARC’s consultations led to the conclusion that the tax system is not only complicated, confounding and contradictory, it is also affected by corruption, inefficiency and incompetence. Even ordinary taxpayers need to hire a tax consultant for tax payment, which costs them money, and, therefore, they become willing tax ...

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History of Permanent Account Number (PAN)

History of Permanent Account Number (PAN)

  Permanent Account Number is basically a method of identifying a taxpayer on the computer system through a unique All-India number so that all information relating to that taxpayer, e.g. taxes paid, refunds issued, outstanding arrears, income disclosed, transactions entered etc. can be linked to him through the computer system. ...

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Advance Income Tax

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The due date for 2nd installment (for corporates) and the 1st installment (for non-corporates) for payment of Advance Income Tax for Financial Year 2014-15 is 15th September 2014

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