Dating cash money tds
From a tax perspective, the 12 month period subsequent to the tax year is known as the assessment year.
What are the compliance requirements for tax returns in India?
Advance tax is payable by the taxpayer during the tax year if the estimated taxes (net of taxes withheld at source) exceeds INR 10,000.
Advance tax payable is the tax on estimated income of the tax year, reduced by tax withheld at source.
Tax rates for individuals are common for all, irrespective of their residential status.
From TY 2016-17 onwards, advance tax is payable in four installments by individuals as follows: • 15 percent is payable by 15 June of the tax year • 45 percent is payable by 15 September of the tax year • 75 percent is payable by 15 December of the tax year • 100 percent by 15 March of the tax year.
In case of default in filing of a tax return, interest is levied on the amount of unpaid tax at the rate of 1 percent for every month or part thereof for the period during which the default continues and is payable along with the self-assessment tax before filing of the tax return.
However an individual visiting India for the first time would remain NR if his stay during the tax year does not exceed 181 days.
In case his/her stay exceeds 181 days during tax year, he/she would be NOR.
The income tax rates proposed for assessment year 2018-19 (tax year 2017-18) are as follows: Proposed Income tax rates table for the tax year 2017-18 Surcharge at the rate of 15 per cent is payable where the total income exceeds INR 10 million.