Who, when and how to pay income tax

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Updated: 28/01/2008 | 05:29 PM IST

Taxation

KPMG

Monday, January 28, 2008 (South West Delhi)

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•Every person who has a taxable income under the Act (after allowing deductions) is required to pay tax.

•Individuals are required to pay tax if their income exceeds Rs. 110,000 (in case of women and senior citizens above the age of 65 years the limits are Rs. 145,000 and Rs. 195,000 respectively).

•No slab rates have been prescribed for firms and companies. They are required to pay taxes irrespective of the level of income.

•A person is required to pay tax if advance tax payable by him during the year exceeds Rs. 5,000.

•Specified income like salary, fee for technical services etc, are subject to withholding tax.

•Before filing of return of income, tax remaining payable may be paid as self assessment tax (without any interest, where there is no delay in depositing taxes). In case of any delay in payment of tax, interest is also required to be paid.

•The Govt. has prescribed challans through which taxes can be deposited with the banks.