Challan ITNS 280.

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Hi,

There are three types of Tax Payments in Challan no. 280 as follows.

1. Advance tax (100)

2. Self-assessment Tax (300)

3. Tax on Regular assessment (400)

Could anyone please explain the same with example.

 

Regards,

Vivek.

Replies (1)

Dear Sir,

Tax Liability is discharged in various ways -

1) TDS/TCS - When ur customer/buyer deposits Tax on ur behalf & issues certificate to you.

2) Advance Tax - When assesse pays tax in respect of a Financial year during the FY itself.

3) Self Assesment Tax - When tax is paid by the assesee on his own after the end of the Financial yaer.

4) Tax on regular assessments- When Tax is found payable as a result of a assessment scrutiny or otherwise, then it is known "Tax on regular assessment"

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