Advance Tax Payment

The income tax department on Sunday said it has started sending emails and SMSs to assessees whose taxes paid during the current fiscal are not commensurate with financial transactions. The department is undertaking an e-campaign, which aims to inform such persons/entities of significant financial transactions, through email (marked as Advance Tax e-Campaign-Significant Transactions for AY 2024-25) and SMS, urging them to compute their advance tax liability correctly and deposit the due advance tax on or before March 15. In a statement, the Central Board of Direct Taxes (CBDT) said the income tax department has received certain information on specific financial transactions undertaken by persons/entities during the Financial Year (FY) 2023-24. "On the basis of analysis of the taxes paid so far during the current financial year, the Department has identified such persons/entities where payment of taxes for FY 2023-24 (AY 2024-25) is not commensurate with the financial transactions ma

NRIs with income in India above Rs 10,000, post-TDS and tax treaty adjustments, must pay too

Improved profitability, compliance lead to jump in direct taxes

Some salaried individuals, NRIs, professionals and senior citizens have to pay this tax

Taxpayers have until June 15 to pay 15 per cent of their estimated tax liability

The idea is to both widen and deepen tax bases, according to two official in the know

From linking PAN card and Aadhaar Card to submission of updated income tax return (ITR), failure to meet these deadlines may lead to financial losses

If you miss the date, penalty will be levied at a simple interest rate of one per cent per month or part of a month

Higher proposed limits are a positive, but remember you must stick to the scheme for five years

Net direct tax collection has grown 19% to over Rs 11.35 trillion

The RBI's average daily absorption of excess liquidity was at Rs 3.8 trillion during June-July against Rs 5.5 trillion in May and Rs 7.4 trillion a month ago

The members of the World Trade Organization (WTO), for the first time in a decade, finalised a historic deal at 12th Ministerial Conference (MC12). Read more in our top headlines

Direct tax collection, net of refunds, stood at Rs 2.81 trn, according to initial estimates; advance tax collection for the period between April 1 and June 15 was Rs 42,679 cr

Likely to release framework ahead of first advance tax instalment

The net collection numbers as on today is Rs 13.63 trn which is against Rs 11.18 trn of 2018-19, Rs 10.28 trn of 2019-20 and Rs 9.24 trn of 2020-21, he said

Reliance Industries and Tata Motors skip payment

India needs more big banks to aid economic growth, says Finance Minister. More in top headlines of the day

These companies had reported healthy advance tax payments

Strap: Business Standard brings you the top headlines on Wednesday

Apart from tax planning, you need to make sure you've paid your advance tax correctly and linked your Aadhaar to your PAN