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Third installment of Advance Tax

Payment of Third installment of Advance Tax for Individuals. This installment is to be made @ 100% of the Total Tax liability based on the estimate of Income or uncovered Tax Liability. The Estimate of Income or Uncovered portion of the Income (after TDS) should include the Capital Gains due to sale of an Asset or any Casual Income like Income from Race Horses or winnings from Contests/Crosswords etc from December 15 to March 15.

Form No. 16 to be collected

Form No. 16-Certificate of Tax Deducted at Source(TDS Certificate)to be collected by the Employee from the Employer for Total Salary paid and tax deducted during the Financial Year (FY) 2000-2001.

Application for PAN

Application for allotment of Permanent Account Number - PAN is to be filed in Form 49A in case not already applied / allotted.

Last date for filing of returns for Salaried individuals

Date for submission for Income Tax Return (i.e. Form 2C or Form3 or Saral). This date is applicable for Salaried Individuals and also applicable to persons having Income from Business or Profession who do not require tax audit.

First installment of Advance Tax

Payment of First installment of Advance Tax for Individuals. This is compulsory for businessmen or Professionals based on their estimate of Total Income from all sources for the year. If a person feels that TDS on his Salary may not cover his entire Tax liability for the whole year, he will have to pay Advance Tax. This may be due to certain Capital Gains due to sale of an asset or any Casual Income like Income from Race Horses or winnings from Contests/Crosswords etc. during the period from April 1st to September 15 or higher Income from Other Sources like Interest (above the available Exemption Limit).The payment is to be made @ 30% of the Total Tax liability based on the estimate of Income or uncovered Tax Liability. This payment can be made at specified Nationalised Banks (this can be made at all Computerised Nationalised Banks from 1st August,2001 as per Finance Minister's speech to be extended to the branches of all Nationalised Banks) by filling up a Challan in quadruplicate.

Last date for filing of returns (for individuals for whom Tax Audit are mandatory)

Form No.2 for all businessmen having turnover of more than Rs.40 lakhs or for Professionals having turnover of more than Rs.10 lakhs. alongwith Tax Audit Reports.

Second installment of Advance Tax

Payment of Second installment of Advance Tax for Individuals. This instalment is to be made @ 60% of the Total Tax liability based on the estimate of Income or uncovered Tax Liability. The Estimate of Income or Uncovered portion of the Income (after TDS) should include the Capital Gains due to sale of an Asset or any Casual Income like Income from Race Horses or winnings from Contests/Crosswords etc. from September 15 to December 15.

You are requested to take or execute the following action on or before the Due Date mentioned below so as to avoid penal action from Tax authorities and to facilitate timely filing of Income Tax Returns. These are specific to Individuals with a special focus on the Salaried Class.

DUE DATE	ACTION TO BE TAKEN
March 15	Pay theThird installment of Advance Tax for Individuals.
April 30	Collect Form No. 16 from your employer.
May 31	Make an Application for PAN
July 31	Last date for filing of returns for Individuals and others who do not fall under the Tax Audit.
September 15	Pay the First installment of Advance Tax for Individuals.
October 31	Last date for filing of returns and tax audit report where tax audit is mandatory(including Corporate Assessees).
December 15	Pay the Second installment of Advance Tax for Individuals.

Note : Where the last day of filing of return of income/loss or any other return under direct taxes is a day on which office is closed, the assessee can file the return on next day afterwards on which the office is open and, in such cases, the return will be considered to have filed within the specified time limit – Circular No.639, dated November 13, 1992.

Payment of Income-tax through Net
Payment of income tax through Internet has now become possible with the inauguration of the facility by M/s IDBI Bank Ltd. on 16.10.2004. Account holders of IDBI Bank Ltd., who are registered for net banking with the bank, can avail of this facility and pay Income Tax 24 X 7 X 365.

IDBI account holders desirous to pay taxes over Internet would have to log on to this site (www.incometaxindia.gov.in) or http://tin.tin.nsdl.com and follow the instructions. After payment, account holders would be able to generate the taxpayers' counterfoil containing the Challan Identification Number (CIN). Other banks are also likely to provide similar facilities in near future.

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