Taxpayers Alert! Have you filed your income tax? Remember these deadline nears; know from TDS, TCS to challan, forms
Although one would not like to share their income and income from other sources with authorities, however, it comes as a helping hand for government in managing the country's economy.
The 2018 year end is just few days away, while many are excited to welcome the new year 2019, it also comes as a responsibility for individuals to file a list of taxes by end of December month. Income tax varies from individuals to corporates, and IT department has introduced various forms that needs to be furnished before their deadline. Although one would not like to share their income and income from other sources with authorities, however, it comes as a helping hand for government in managing the country's economy. Hence, filing for taxes is quite a responsible task at the hands of citizens. Let's find out what are the deadlines that are nearing.
Due date for furnishing of Form 24G by an office of the Government where TDS for the month of November, 2018 has been paid without the production of a challan
Third instalment of advance tax for the assessment year 2019-20:
Advance taxes meanspaying the part of your yearly taxes in advance. A taxpayer is required to pay advance tax of Rs10,000 or more.
One can pay their advance tax in the year in which the income is received.
These advance taxes can be derived from any form of income like capital gains, winnings from lotteries, crossword puzzles, etc.
Due date for issue of TDS Certificate for tax deducted under section 194-IA in the month of October, 2018
Any person, being a transferee, responsible for paying (other than the person referred to in section 194LA) to a resident transferor any sum by way of consideration for transfer of any immovable property (other than agricultural land), shall, at the time of credit of such sum to the account of the transferor or at the time of payment of such sum in cash or by issue of a cheque or draft or by any other mode, whichever is earlier, deduct an amount equal to one per cent of such sum as income-tax thereon.
Due date for issue of TDS Certificate for tax deducted under section 194-IB in the month of October, 2018
Any person, being an individual or a Hindu undivided family (other than those referred to in the second proviso to section 194-I), responsible for paying to a resident any income by way of rent exceeding fifty thousand rupees for a month or part of a month during the previous year, shall deduct an amount equal to five per cent of such income as income-tax thereon.
The income-tax referred to in sub-section (1) shall be deducted on such income at the time of credit of rent, for the last month of the previous year or the last month of tenancy, if the property is vacated during the year, as the case may be, to the account of the payee or at the time of payment thereof in cash or by issue of a cheque or draft or by any other mode, whichever is earlier.
Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IA in the month of November, 2018
Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IB in the month of November, 2018
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