The objective of this module is to tell me how taxes are paid: Which form I use to pay my taxes What information I should have handy How do I pay the online way How do I pay the offline way

I go to the site www. Incometaxindiaefiling.gov.in Click on challans Download challan form ITNS 280 and take a print Fill up : My Permanent Account Number and Assessment Year (per aforesaid discussion) Whether its income tax on companies or other than companies- Out of two tick  boxes, since you are an individual, tick off ‘Income

For online way, I should have access to netbanking and my bank should have tax payment facility. I go to the site www. Incometaxindiaefiling.gov.in Click on epay tax Click on Continue to NSDL Click on challan ITNS 280 proceed Fill up (in bullets) – Tax on other than companies, Advance tax  or self assessment tax

My Permanent Account Number – this is utmost important is it is just like a bank account number, the account number to which tax paid will be credited. If you do an error in filling this, tax deposited by you will go to somebody else’s account and you can’t reverse it. My Assessment Year- This

This is deducted uniformly by the payer of income over the period of and based on the amount of earning of my income. This gets reflected in my tax statement every quarter.

My dates with taxes are: Advance Tax: 15 Jun (cumulative 15%) 15 Sep (cumulative 45%) 15 Dec (cumulative 75%) 15 Mar (cumulative 100%) of the income earning year

My dates with taxes are: Self assessment tax : The tax return filing month of every year For other than tax audit assesses             :             Jul 31 every year For tax audit assesses                                 :             Sept 30 every year of the year following close of income year (remember this is Assessment Year) If a tax

Just like I spread butter uniformly over bread, I need to pay my taxes uniformly during the year I earn. The tax department says I should pay my taxes in the form of Advance Tax in 4  instalments during the year, by estimating the income I am earning during the year. These are paid on

Not every single amount I get as income, the payer will deduct tax at source. There are minimum limits laid down only over which tax is deducted at source: My interest income- If year’s income  is above Rs.40,000 My interest income (being senior citizen) – if year’s income is above Rs.50,000 My salary or pension