LIVE GST Certification Course by CA Arun Chhajer begins 27th April. Register Now!!

Income tax payment

SANJEEV KUMAR (Finance professional) (227 Points)

19 March 2013

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

Reply
Follow
Share

6 Replies

Bharat chandan (student) (158 Points)
Replied 19 March 2013

pay it before 31st march otherwise interest u/s 234B will apply as u have not paid 90% of total tax liability the interest @ 1% per mnth or part of mnth after 31st march till date of delay will apply

K. CHITRA (CHARTERED ACCOUNTANT) (66 Points)
Replied 19 March 2013

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.

CA Deepak Rathore (EXPERT) (281 Points)
Replied 19 March 2013

Section 234 A : Interest payable for default in furnishing the return of income

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

Section 234 B : Interest payable for default in payment of advance tax

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.

Section 234 C : Interest payable for deferment of advance tax

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).

1 Like

nitin (accountant) (22 Points)
Replied 19 March 2013

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

CA Deepak Rathore (EXPERT) (281 Points)
Replied 21 March 2013

As per the previous service tax rules every tax payers had to file their half yearly return for the period 1^st April to 30^th September on or before 25^th October and the second half yearly return from 1^st October to 31^st March by 25^th April. But now as per the amendment in Rule 7 every assessee needs to file their service tax return for the period 01.04.2012 to 30.06.2012 instead of 01.04.2012 to 30.09.2012 and the due date of the returns remains the same as per the Notification No. 47/2012 ST, Dated 28/09/2012

RULE 7 OF THE SERVICE TAX RULES, 1994 - RETURNS - EXTENSION OF TIME TO FILE RETURN IN FORM ST3

ORDER NO. 3/2012 [F.NO.137/99/2011-ST], DATED 15-10-2012

In exercise of the powers conferred by sub-rule (4) of rule 7 of the Service Tax Rules, 1994, the Central Board of Excise & Customs hereby extends the date of submission of the return for the period 1st April 2012 to 30th June 2012, from 25th October, 2012 to 25th November, 2012.

The circumstances of a special nature which have given rise to this extension of time are as follows:

(a) ACES will start releasing the return in Form ST3 in a quarterly format, shortly before the due date of 25th October, 2012.

(b) This will result in all the assessees attempting to file their returns in a short time period, which may result in problems in the computer network and delay and inconvenience to the assessees.

CA Deepak Rathore (EXPERT) (281 Points)
Replied 21 March 2013

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

Assessment Year
Major Head Code
Minor Head Code
TAN/PAN
Total Amount
Nature of payment (TDS Codes)

What is the time frame for correction request ?

Request for correction has to be made within 7 days of deposit of challan for correction in PAN, TAN and Assessment Year
For Major head, minor head and nature of payment, request can be made within 3 months of deposit of challan.

KIndly open attached file for more detail

Attached File : 480287 1153688 leftmenu challancorrectionmechanism 26082011.pdf downloaded: 106 times