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1. What are the precautions that I should take while filling up the
tax payment challan?
Clearly mention:
i. Head of payment eg. Corporation Tax/Income Tax
ii. Amount and mode of payment of tax
iii. Type of payment
o [Advance tax/Self assessment/Regular/Tax on Dividend]
iv. Assessment year
v. The unique identification number called PAN [Permanent Account Number]
allotted by the IT Department.
2.What is the procedure to be followed to view my Tax passbook/Tax
statement?
You must first register your PAN by logging into the online service called
view tax credit in the NSDL website [http://www.tin-nsdl.com]. Thereafter
your PAN registration must be authorized by visiting the nearest TIN [Tax
Information Network] facilitation center of NSDL or getting their representative
to call upon you. These are paid services.
3. Is my responsibility under the Income tax Act over once taxes are
paid?
No. You are thereafter responsible for ensuring that the tax credits are
available in your tax passbook, TDS/TCS certificates are received by you
and that full particulars of income and tax payment along with necessary
proof is submitted to the income tax department in the form of Return
before the due date.
4. What can I do to reduce my tax?
The tax can be reduced by making investment in approved schemes and also
by making donations to approved charitable institutions
5. What is a return of income?
It is a prescribed form through which the particulars of income earned
by a person in a financial year and taxes paid on such income is communicated
to the Income tax department after the end of the Financial year. Different
forms are prescribed for filing of returns for different Status and Nature
of income.
6. From where can I get a return form?
The Public Relation Officer can be contacted for this purpose. The form
can also be downloaded from the official site.
7. What documents are to be enclosed along with the return of income?
The new return form numbering 1 to 8 is annexure less. Hence no documents
need to be attached.
8. Where and how am I supposed to file my return?
A return is to be filed before your Assessing officer. It may even be
sent by post or filed electronically. Nowadays returns are also being
received at designated post offices.
9. How is a return filed electronically?
Companies and firms are compulsorily required to file their return electronically,
while for others it is still optional. For electronic filing of return
you have to log on to the Departmental website and upload the information
of income and taxes in the prescribed form. If you have digital signature
the same can be appended and there would be no need to file a paper return.
In case you do not have a digital signature you will be required to file
a paper return quoting the provisional acknowledgement number received
on completion of uploading
10. What are the benefits of filing my return of income?
Filing of return is your constitutional duty and earns for you the dignity
of consciously contributing to the development of the nation. This apart,
your IT returns validate your credit worthiness before financial institutions
and make it possible for you to access many financial benefits such as
bank credits etc.
11. Is it necessary to file return of income when I do not have any
positive income?
If you have sustained a loss in the financial year, which you propose
to carry forward to the subsequent year for adjustment against its positive
income, you must make a claim of loss by filing your return before the
due date.
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