Form PMT-09 is a challan introduced by CBIC for taxpayers
Every assessee, to whom GST is applicable, pays the GST in the form of cash/bank transfer. Such a deposit reflects under electronic cash ledger in the account of the assessee on the GST portal. Thus this amount reflecting under electronic cash ledger is used to pay off GST taxes, penalty, interest, or any other amount payable under the GST Act.
Advance Tax – Dates, Penalty and Interest
All about Advance Tax for Taxpayers
What is Advance Tax?
As it can be easily understood, it is payment of the taxes in advance instead of lump sum payment at the end of the year. A taxpayer is liable to pay taxes in advance i.e. before the end of the year. Any taxpayer whose tax liability for the year is Rs. 10,000/- and more shall be liable to pay advance tax. It is popularly known as ‘pay as you earn’ scheme.
LAST MINUTE TAX SAVING OPTIONS!!
As we are in the mid of March which is last month of the financial year, many of us are concerned as to where and how much to invest to save tax. As one can claim a set limit deduction from his / her income under the Income Tax Act, one must be very careful about the amount of investment.
FAQ ON BUYING A PROPERTY FROM NRI
The Income Tax Department may keep an eye on those buyers who have brought property from non-resident and have failed to deduct/deposit TDS on the purchase of property from a non-resident.
TAX IMPLICATIONS FOR NRI’s – Property Selling
It is a primary responsibility of the buyer to make sure that before purchasing a property from a resident or a nonresident, an appropriate amount of TDS as applicable as per Income Tax act is deducted and paid to the government well within time.
