I compute my taxes. I find my taxes, give my rebate, add cess interest and fee, find my total taxes due, reduce my taxes paid, find out my taxes due or refund due. Ideally there should be no taxes payable as I can’t or shouldn’t deposit my tax return unless all taxes are paid.
I should derive taxes paid from or fill up the two sub annexures which total up the taxes paid
Advance Tax and Self Assessment Tax:
Collect all advance tax and self assessment tax challans paid, fill up date of payment, BSR Code and serial number, the amount paid, they are all on the challans
The TDS schedule
Fill up deductor’s TAN number, name, the year to which tax belongs (for sometimes the deductor deducts tax in one year which I take credit of in a subsequent year), the gross income paid, the tax deducted, and how much I am claiming out of the tax in this year.
How much claiming distinction is done, as I ought to show entire income on which I am claiming tax deduction credit in my computation. Suppose I say part of this income is not for this year, say its advance rent, and I will take such advance rent in next year’s income, I should take proportionate TDS credit for such income in next year, and claim credit of TDS only for the income I am including in my computation. Otherwise the tax department will send out a mismatch notice to me after I filed, saying my income doesn’t match with the TDS reported income I took credit of.