Do I need to insist on some proof of payment from the banker to whom I have submitted the challan?

The filled-up taxpayer’s counterfoil will be stamped and returned to you by the bank. Please ensure that the bank’s stamp contains BSR Code [Bankers...

What are the precautions that I should take while filing up the tax payment challan?

While making payment of tax, apart from other things, one should clearly mention following : Head of payment, i.e., Corporation Tax/Income-tax...

What is a tax on regular assessment and how is it paid ?

Under the Income-tax Act, every person has the responsibility to correctly compute and pay his due taxes. Where the Department finds that there has...

How is advance tax is calculated and paid ?

Advance tax is to be calculated on the basis of expected tax liability of the year. Advance tax is to be paid in instalments as given below:​​ a) In...

In the challan there are terms like Income tax on companies & Income tax other than companies.What do they mean?

The tax that is to be paid by the companies on their income is called as corporate tax, and for payment of same in the challan it is mentioned as Income-tax...