10 February 2013
My aunt sold some property and has to pay long term capital gains tax. She has a savings bank account in Indian Overseas Bank and ICICI Bank. My queries are: 1)Which challan/form to fill in?
2)Does she have to mention anywhere in the form that the tax is on account of long term capital gains or she just has to mention it is "Income Tax"?
3)Whether direct debit of the savings bank account is possible or she has to submit a cheque for the tax amount?
4)What precautions should she take as she will be filling up the challan for the first time?
5)What details should necessarily appear on the challan receipt?
6)Can the tax deposit confirmation be viewed on 26 AS (of NSDL) or on the Income Tax website and in how many days will the tax credit be confirmed there?
11 February 2013
1. The form is ITNS 280 - https://onlineservices.tin.nsdl.com/etaxnew/PopServlet?rKey=19428770
2. Select Income Tax(Other Than Companies). There is no place to mention whether it is on Long Term Capital GAins.
3. Paying tax online is possible in which case funds will be directly debited from your account. If you pay manually you wil have to submit a cheque.
4. As precaution you must ensure that the PAN and the Assessment Year is correctly mentioned. Also nature of tax i.e Self Assessment or Advance Tax etc needs to be filled.
5. Challan receipt should have the PAN, name of assessee, amount of tax, date of deposit of tax, nature of tax i.e other than cos tax or companies tax etc
6. In case of e-payment of tax the same should be updated within 3-5 days. Other wise 10-15 days in case of manual.
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