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Tax Tips

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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Payment of TDS

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Tax Deducted at Source (TDS) done during the month of August 2014 has to be remitted to the Government on or before 7th September 2014. Delay in payment attracts penal interest.

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Service Tax Payment

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The due date for e-payment of service tax for the month of August 2014 is 6th September 2014. If the payment is made manually, the due date is 5th September 2014. Pay the taxes on or before the due to avoid penal interest.

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