The last date to pay the fourth and last installment of advance tax for fiscal 2018 is March 15, 2018, said the income tax department. “Thank you taxpayers…your income tax is making it possible for more Indians to access quality healthcare,” it said on its official Twitter handle, @IncomeTaxIndia. Income tax cannot be paid without a permanent account number (PAN), a ten-digit alphanumeric number, issued in the form of a laminated card, by the income tax department. Hence, the department also reminded taxpayers about quoting their PAN while filing their income tax returns. Taxpayers are also required to link their PAN cards with their Aadhaar card numbers.
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Who is liable to pay advance tax?
1. Any assessee, including salaried employee, whose tax liability for the financial year as reduced by the tax deducted/collected at source is Rs 10,000 or more.
2. Assessee in respect of eligible business referred to in section 44AD is liable to pay whole amount of such advance tax on or before 15th of March of respective financial year, the income tax department said.
3. A resident senior citizen (individual who is of the age of 60 years or more) not having income from business/profession is not liable to pay income tax.
Mode of payment of income tax
e-payment is mandatory for all corporates and also those assessees whose accounts are required to be audited u/s 44AB of the Income-Tax Act.
e-payment isc onvenient for other taxpayers also as it ensures correct credit, said the department.
The last date to file belated income tax returns for assessment years 2016-17 and 2017-18 is December 31, 2018.
Source by msn..