Income tax dues
Every assesee who earns income above the exemption limit is liable to income tax. The asesee must file their return of income on the or before the due date. If he has not filed with his income tax and not complied as per the formalities, then he will attract penalty. The amount of income tax that is due is payable to the income tax authorities.Every nation sets up its own income tax policies.Income tax is determined on the basis on his total income.If the income of the person is higher, then the total amount taxable is more, if the total amount of tax payable is less, then the total income that is liable is lesser.Income tax depends upon the slabs of income.
Every country has a specific due date for filing the income tax rate. The asesee along with the form of income tax must also carry along with him income proof doccuments such as TDS forms, profit and loss statement, balance sheet and statement of income. Then the income tax authorities inspect the accuracy of the total income tax payment.They access the necessary doccuments to check the fairness of the income statements.
If the total income tax is accumulated since many years and if the income tax authorities suspect this illegal activity, then personal properties of the individual may be mortgaged.
The asesees who are liable to pay income tax are individuals, firms, joint families, married couples who file income tax jointly. Individuals are persons who pay the income tax just alone.Firms are the organizations that are liable to pay income tax.
The due dates for filling income differ from assesses to assesses. Salaried persons and businessman have a different date for filing income tax returns.Usually salaried persons are required to file income tax dues earlier compared to the businessmen. The businessmen usually gets their books of accounts audited and hence they are required to produce income statements and supporting documents to represent their income. Hence the due date for a businessman usually falls after two to three months after the due date of salaried people. If an asesee wants to pay advance tax, even then he has to pay before the due date.
Along with the income tax even surcharge tax is payable known as education cess.
The items which fall under the category of income tax are a. income from salary. B. income from house property. C. income from business d. income from other sources like dividend, interest, paid to non-resident, winning in lotteries.Etc. if he holds any of the above income then he must pay income tax before the due date.
He must compulsorily have a PAN number for filing the income tax return before the due date. Pan number is nothing but the Permanent Account Number a tax payer possesses.
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