Dear All,
Pls guide me what is the last date of payment by an individual for a financial year.Example. If am liable to pay income tax 15000 rs for the year 12-13 and I have paid rs.12000 till now. Within which date I can pay remaining amount of Rs. 3000/-.
Thanks and regards
The due dates for remittance of Advance Tax as per Sec 211 for Individual is as follows:
15th September - 30% of total tax payable
15th December - 60% of total tax payable reduced by the first installment remitted
15th March - 100% of the total tax payable reduced by the first and second installments paid.
But any amount remitted within 31st March will be go to reduce your interest liability u/s. 234A and 234B. But for interest u/s. 234C, the amount remitted after 15th will not be considered.
Where the return of income for any assessment year is furnished after the due date or is not furnished, the assessee shall be liable to pay simple interest at the rate of one per cent for every month or part of a month for the period commencing on the date immediately following the due date upto the date of furnishing the return (in cases where return is furnished after the due date) or upto the end of the Assessment Year (in cases where no return is furnished) on the amount of shortfall in total income tax payable by the assessee.
In simple words, interest @ 1% per month is payable on the amount of income tax paid after the due date for filing of the return.
Due Dates for Filing of Returns
| For non corporate assessees whose accounts are required to be audited | 30th September 2012 |
| For salary earners and other non corporate assessees whose accounts are not required to be audited | 31st July 2012 |
An assessee who is liable to pay advance tax has failed to pay such tax or where the advance tax paid by such assessee is less than ninety per cent of the assessed tax, the assessee shall be liable to pay simple interest at the rate of one per cent for every month or part of a month for period from the date on which the payment of advance tax became due on the amount of shortfall in the amount of advance tax paid.
In simple words, interest @ 1% per month is payable on the amount of income tax paid after the end of the financial year.
Interest is payable @ 1% for 3 months on the amount of shortfall in payment of advance tax became due on 15th June (applicable only to Corporate assessees), 15th September (all assesses) and 15th December (all assessees) and interest @ 1% on the amount of shortfall in payment of advance tax became due on 15th March (all assessees).
dear Friends
please let me know the last date of service tax return file.
and also please let me know if i deposit service tax in wrong head, the what is the conclusion for it
Deposit service tax in wrong head
This new mechanism allows Banks to correct physical challans only.For correction in electronic challan, request will have to be made to Assessing Officer.
Correction in Physical Challans
What fields can be corrected by bank
What is the time frame for correction request ?
KIndly open attached file for more detail
CAclubindia
