First Time Paying/Filing Income Tax - Pls Help

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SosMe (Querist)

06 March 2010 This is the first time I would be paying Income Tax.So have few questions..Help me ppl

Im an Individual doing small business & earned around 5lacs between Apr 09- Mar 10.

1) For which period of Income should Tax be paid before March 31st 2010 ?(from April 2009 - March 2010 or from April 2008-March 2009 ?)
2)For which period Income Tax returns should be filed before July 31st 2010 (from April 2009 - March 2010 or April 2008-March 2009?)
4) The online payment of Income tax site asks for Assesment Year..Which year should i choose to pay taxes for the income earned between April 09- March 10?

Hope someone would help me in this confusion!!

Prasad R

Prasad R (Expert)

06 March 2010 The following are the answers to your queries :

1) For the Financial Year April 2009 to March 2010 the tax on the total income should be paid by 31st Mar 2010.

2)Before july 31st 2010 income tax return for the financial year Apr 2009- 31st march 2010 should be filed.

In income tax terminolgy for the financial year Apr 2009- Mar 2010 the Assessment year will be 2010-11.

3) The income tax to be paid online for he income of the financial year Apr 09- March 10 will be for the Assessment Year 2010-11.

Regards
Prasad R

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