Find Answers to Your Income Tax Queries

Income-tax is to be paid by every person. The term 'person' as defined under the Income-tax Act under section 2(3) covers in its ambit natural as well as artificial persons.

For the purpose of charging Income-tax, the term 'person' includes Individual, Hindu Undivided Families [HUFs], Association of Persons [AOPs], Body of individuals [BOIs], Firms, LLPs, Companies, Local authority and any artificial juridical person not covered under any of the above.

Thus, from the definition of the term 'person' it can be observed that, apart from a natural person, i.e., an individual, any sort of artificial entity will also be liable to pay Income-tax.

Income-tax is levied on the annual income of a person. The year under the Income-tax Law is the period starting from 1st April and ending on 31st March of next calendar year. The Income-tax Law classifies the year as (1) Previous year, and (2) Assessment year.

The year in which income is earned is called as previous year and the year in which the income is charged to tax is called as assessment year.

e.g., Income earned during the period of 1st April, 2021 to 31st March, 2022 is treated as income of the previous year 2021-22. Income of the previous year 2021-22 will be charged to tax in the next year, i.e., in the assessment year 2022-23.

​​​​​​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 case of all the assessees (other than the eligible assessees as referred to in section 44AD and 44ADA) :
i) Atleast to 15 per cent – On or before 15th June
ii) Atleast to 45 per cent – On or before 15th September
iii) Atleast to 75 per cent – On or before 15th December​
iv) Atleast to 100 per cent –On or before 15th March
b) In case of eligible assessee as referred to in section 44AD and 44ADA:
​​ 100 per cent – On or before 15th March

Note: Any tax paid on or before 31st day of March shall also be treated as advance tax paid during the same financial year. The deposit of advance tax is made through challan ITNS 280 by ticking the relevant column, i.e., advance tax.​

The NSDL website [http://www.tin-ns​dl.com] provides online services called as Challan Status Enquiry. You can also check your tax credit by viewing your Form 26AS from your e-filing account at https://www.incometax.gov.in/iec/foportal Form 26AS will also disclose the credit of TDS/TCS in your account.

​​​Yes, you can claim relief in respect of income which is charged to tax both in India as well as abroad. Relief is either granted as per the provisions of double taxation avoidance agreement entered into with that country (if any) by the Government of India or by allowing relief as per section 91 of the Act in respect of tax paid in the foreign country.