• TAX DEDUCTED AT SOURCE
• ADVANCE TAX
• SELF ASSESSMENT TAX
• INTEREST ON LATE PAYMENT OF TAXES
• TIPS FOR FILLING THE CHALLANS
• WHERE TO PAY

TDS-Tax Deducted at Source from Salary

Any person (as defined in Section 192 ) responsible for making any payment which is taxable under the head ' Salaries ' 'is required to deduct Income Tax on the amount payable at the average of income tax computed on the basis of the rates in force for the financial year of payment on the estimated income of the assessee for that financial year. This tax deducted at source is commonly referred to as TDS which is akin to 'Withholding tax' . The employer is obliged to deposit the TDS to the credit of the Central Government within prescribed time limits. The employee is entitled to claim credit for TDS against his total tax liability for the year.

The employee is required to make available to the employer the following details :-a) Details of salaries from other employer or employers.

b) TDS by the other employers.

c) Details of relief claimed in respect of salaries received in arrears as per section 89(1) of the Act.

d) Details of income chargeable under any other head of income ( Not being a loss except in the case of income from house property. No other loss can be claimed at this stage but they can be claimed through filing of return of income.). The employee should also furnish details of TDS under any other provision of the Act.

The employer in turn has to take all the above into account for the purpose of deducting tax at source.

ADVANCE TAX

The Act calls upon the assessees to pay tax in advance during the previous year only if their tax liability for the year is expected to be more than Rs. 5,000/- . An.assessee who is liable to pay advance tax is required to estimate his current income and pay advance tax as per the schedule given below.

For Non-Corporate Assesses

 

Due date of instalment	Amount payable
On or before the 15th Sept.of previous year	Upto 30% of the total advance tax payable for the year
On or before the 15th Dec.of previous year	Upto 60% of the total advance tax payable for the year.
On or before the 15th March of previous year.	The balance amount of advance tax payable for the year.

For Corporate Assessees

 

Due date of instalment	Amount payable
On or before the 15th June of previous year	Upto 15 % of the total advance tax payable for the year.
On or before the 15th Sept.of previous year	Upto 45% of the total advance tax payable for the year.
On or before the 15th Dec.of previous year	Upto 75% of the total advance tax payable for the year.
On or before the 15th March of previous year.	The balance amount of the total advance tax payable for the year.

SELF ASSESSMENT TAX

After the return is prepared and the net taxable income is finally determined, it may so happen that even after taking into account the amount of TDS and Advance Tax paid , some tax or interest (payable for delay in furnishing the return or delay in payment of advance tax) remains to be paid. This amount should be paid as self-assessment tax before furnishing the return.

It is, therefore, important to note that before furnishing the return, the assessee has to pay the entire tax and interest, if payable, and the proof of such payment of taxes has to be attached to the return.

INTEREST ON LATE PAYMENT OF TAXES

Where the assessee has to pay advance tax and there is either a default on the part of the assessee to pay the same or there is a default on the part of the assessee in the sense that the exact percentages of advance tax are not deposited before the specified dates, the assessee in such cases is liable to pay penal interest. The interest for short payment/deferment of advance tax is calculated as under:-

• INTEREST U/S 234-B FOR SHORT-PAYMENT OF ADVANCE TAX
  If the assessee pays less than 90% of the total advance tax payable for the year before the close of the previous year simple interest @ 2% per month or part thereof is chargeable w.e.f. from Ist April of the Assessment Year to the date of determination of income U/s 143(1) or regular assessment on the assessed tax as reduced by the advance tax paid.
• INTEREST U/S 234-C FOR DEFERMENT OF ADVANCE TAX
• In the case of Corporate Assessee- If the advance tax paid by the company on or before the 15th of June falls short of 15% of the total advance tax payable for the year or if the advance tax paid by the company on or before the 15th of September falls short of 45% of the total advance tax payable for the year or if the advance tax paid by the company on or before the 15th of December falls short of 75% of the total advance tax payable for the year, the company shall be liable to pay simple interest @ 1.5% per month for a period of three months in each case on the amount of the shortfall in payment of tax. The companies are also liable to pay interest if the advance tax paid on or before 15th of March is less than the tax due on the returned income. However it has been provided that if the advance tax paid by the company on its current income on or before the 15th of June or 15th of September is not less than 12% or, as the case may be,36% of the tax due on the returned income, the company shall not be liable to pay any interest on the amount of shortfall by these dates.
• In the case of non-Corporate Assessee- If no advance tax is paid or the advance tax paid on or before 15th September is less than 30% of the tax payable on the returned income as reduced by taxes deducted at source, simple interest @ 1.5% p.m. is chargeable on the amount of the shortfall for a period of 3 months.If no advance tax is paid or if the advance tax paid on or before 15th December is less than 60% of the tax payable on the returned income as reduced by taxes deducted at source, simple interest @ 1.5% p.m. is chargeable on the amount of such shortfall for a period of 3 months. If the advance tax paid by the assessee on his current income on or before 15th of March is less than the tax due on the returned income,the assessee is liable to pay simple interest @ 1.5% on the amount of such shortfall.

Interest is not leviable if the shortfall in the payment of advance-tax if it is on account of

• under estimation of or failure to estimate the amount of capital gains
• income from winnings from lotteries, crossword puzzles, races, card games, gambling, betting etc.
• However this benefit of non charging of interest is available if the assessee pays the whole of the tax payable in respect of these incomes in the remaining instalments of advance tax which are due or if no such instalment is due, by the 31st day of March of the financial year.

TIPS FOR FILLING THE CHALLAN

Use correct challan for depositing

• Tax on Companies >> ITNS 268 (0020 Corporation Tax)
• Taxes deducted at Source from Companies >> ITNS 269 (0020 Corporation Tax)
• Income-Tax >> ITNS 270 (0021 Tax on Income other than Corporation Tax)
• Income Tax Deducted at Source from >> ITNS 271(0021 Tax on Income Other Than persons other than Companies Corporation Tax)
• Wealth Tax >> WTNS 20 (0032 Wealth Tax)
• Gift Tax >> GTNS 38 (0033 Gift Tax)
• Interest Tax >> ITNS 272 (0024 Interest Tax)
• Expenditure Tax >> ITNS 273 (0028 Other taxes on Income & expenditure)

And fill Challan properly giving

• Name & Address in BLOCK LETTERS
• Assessment Year
• Status
• Assessing Officer's Designation
• Permanent Account Number (10 Characters)
• Type of Payment Nature of Payment/Receipt (for TDS)
• Amount in figures & words

WHERE TO PAY

The Direct Taxes can be paid through challans at the authorised banks and their branches . The list of authorised banks and their branch addresses for the city of Delhi are given below. These banks and their branches are authorised to accept all payments of Direct Taxes.

Reserve Bank of India

Parliament Street

State Bank of India

Asif Ali Road	Ansari Nagar	Badarpur	Central Secretariat	Central Market Lajpat Nagar
Connaught Circus	Chanderlok Bldg Janpath	Defence Colony	Friends Colony,	Green Park Extension
Greater Kailash	IIT Hauz Khas	I P Estate	Inderpuri	Jangpura
J L N University.	Janakpuri	Jharoda Kalan	Kirti Nagar
Moti Nagar	Malviya Nagar	Mehrauli	Moti Bagh	Mayapuri
Nirman Bhawan	New Rajender Nagar	ADB Najafgarh	N C E R T	Naraina
Nangal Dairy	Okhla	Paharganj	R. K. Puram	Ring Road Lajpat Nagar
Rajouri Garden	Rail Bhawan	South Extn Part- I	South Extn Part-II	Subroto Park
Sansadiya Saudha, New Delhi	Tilak Nagar	Uttam Nagar	Vasant Vihar	Vikas Minar (DDA)
National Seeds Corp (PUSA)	Overseas Branch, Parliament Street	Seema Puri	Gokulpuri	Nand Nagri
Seelampur	Shakarpur	Chaukhandi	Nangli(Sakrawati)	Goela Village
Kakrola Dairy	Khayala	Sultanpuri	Mangolpuri	Jahangirpuri
Ghazipur	Himmatpuri	Trilokpuri	Kalyanpuri	Raghubir Nagar
Ajmal Khan Road	Anaj Mandi, Shahdara	Azadpur	Bartan Market, Sadar Bazar	Badli
Clock Tower	Delhi University	Darya Ganj	DMS Shadipur	East Patel Nagar
Fatehpuri	Fountain	Gandhi Nagar	Hauz Qazi	Kamla Nagar
Kanjhawala	Krishna Nagar	Model Town	Najafgarh Road	New Rohtak Road
Punjabi Bagh	Roop Nagar	Rana Pratap Bagh	Sadar Bazar	South Patel Nagar
G T Road Shahdara	Shakti Nagar	Shakur Basti	Tis Hazari	Roshanara Road
Municipal Market Karol Bagh	Pusa Road Shopping Centre	Rohtak Road Ind. Complex	Delhi Cantt.	Main Branch, Parliament Street, New Delhi
Chandni Chowk, Delhi	Dr. Ambedkar Nagar, Sec-I	Dr. Ambedkar Nagar, Sec-III	Dr.Ambedkar Nagar, Sec-V	Old Secretariat, Delhi
Vijay Nagar	Nehru Place	IOC, Lodi Road	Jama Masjid	K G Marg
Laxmi Nagar	Lodi Estate	Padam Singh Road	Jawahar Vyapar Bhawan	G T K Road
East Park Road	New Friends Colony	Pratap Nagar	Jwala Heri	Jwala Puri
Samepur	Keshav Puram	Mundaka	Kapasheda	Swasthya Vihar
Chawri Bazar	Mother Dairy	Sant Nirankari Colony	CGO Complex	Pushp Bhawan
Centaur Hotel	South Campus	Vikas Puri	Industrial Finance Branch.	Personal Banking Branch, New Delhi.
Corporate Accounts Groups Branch	Bhikaji Cama Place	Hari Nagar	Kishanganj	Mansrovar Garden
Subash Nagar	Wazirpur	I S B T	Azad Market

Punjab National Bank

 

Asif Ali Road	Barakhamba Road	Bengali Market	Dev Nagar	Greater Kailash
Green Park	Janakpuri	Jangpuri	Janpath	Swami Ram Tirath Nagar
Jorbagh	Kalkaji	Karol Bagh Bank Street	Gurudwara Road, Karol Bagh	Khan Market
Khanpur	Lajpat Nagar	Lodhi Road	Malviya Nagar	Maharani Bagh
Mehrauli	Minto Road.	Moti Bagh	Shivaji Marg Kirti Nagar	Naraina
Nauroji Nagar	New Rajender Nagar	Nizamuddin	Okhla Industrial Estate.	Paharganj
Parliament Street	Panchsheel Park	Patel Naagar (East)	Patel Nagar (West)	Punjabi Bagh
Rajouri Garden	R K Puram	Regal Building	Rohtak Road	Sarvodaya Enclave
South Extension	Tilak Nagar	Tropical Building	Vinay Nagar	Azadpur
Bara Hindu Rao	Delhi Cantt.	Chandni Chowk	Chawri Bazar	Chirag Delhi
Civil Lines	Darya Ganj	Fountain	Gandhi Nagar	Gokhle Market
Kamla Nagar	Kashmere Gate	Katra Mohan	Khari Baoli	Kishan Ganj
Krishna Nagar	Model Town	Najafgarh Village	Naya Bazar	Patparganj
Rana Pratap Bagh	Rani Bagh, Shakurbasti	Sadar Bazar	Shahdara	Subzi Mandi
Mall Road	Tri Nagar	Ashok Vihar	Vijay Nagar	Shakti Nagar
Rajindra Place	Hari Nagar	Nehru Place

Bank of India

 

Asif Ali Road	Ansari Road Branch	Azadpur	Ashok Vihar	Bank Street Karol Bagh
Bahadurshah Zafar Marg	Bakhtawarpur	Chandni Chowk	Connaught Circus	Chittaranjan Park
East of Kailash	Panchsheel Branch	Hauz Khas Enclave	Hamdard Dawakhana	Janakpuri
Janpath	Jhandewalan Extn	Karol Bagh	Khan Market	Kirti Nagar
Kamla Nagar	Lajpat Nagar-III	Malai Mandir	Nehru Place	Narela
Okhla Industrial. Estate	Parliament Street	Paharganj	Rajindra Place	Rajouri Garden
Shahdara	Tilak Nagar	Mayapuri Industrial. Area

Syndicate Bank

 

Asif Ali Road	Barakhamba Road	Cantonment	Connaught Circus	Dhaula Kuan
Dev Nagar	East Patel Nagar	I P Estate	I N A Colony	Karol Bagh
K G Marg	Kirti Nagar	Lajpat Nagar	Mayapuri	Nangalray
Punjabi Bagh	Pusa Road	Rajendra Nagar	R K Puram	Rani Jhansi Road
Vasant Vihar	Chattarpur	Bijwasan	Fatehpur, Beri	Palam
Tilak Nagar	Foreign Exchange	Azadpur	Chandni Chowk	G B Road
GTB Nagar	Kamla Nagar	Kashmiri Gate	Naya Bazar	Shahdara
Sadar Bazar	Haiderpur	Nangloi	Narela	Bawana
Mori Gate

Indian Overseas Bank

 

Asif Ali Road	Cantonment	Darya Ganj	Defence Colony	Gole Market
Golf Links	Greater Kailash	Janakpuri	Karol Bagh	Model Town
Naraina J J Colony	Nehru Place	New Rajinder Nagar	Punjabi Bagh	Parliament Street
Pusa Road	R K Puram	Rajouri Garden	Roop nagar	Safdarjung Enclave
Tolstoy Marg	Yusuf Sarai Commercial Complex	Janpath (F-47, Malhotra Bldg, Janpath)	Preet Vihar

Bank of Baroda

 

Parliament Street	Greater Kailash	Nehru place	Bhikaji Cama Place	Shakarpur
Bhogal	Paharganj	Basant Lok	East of Kailash	Chanakyapuri
Safdarjung Enclave	Jheel	Chandni Chowk	Naraina Vihar	Maurya Enclave
Punjabi Bagh	Wazirpur Branch.	Kirti Nagar	Darya Ganj	Jawahar Nagar
Karampura	Dhaka	Navada	Rampura	Shakti Nagar
Karkardooma

United Bank of India

Asif Ali Road (Nodal Branch.)	Chandni Chowk	Chitranjan Park	Daryaganj	Cannought Place
Fateh Nagar	Gandhi Nagar	Janpath	Kamla Nagar	Karol Bagh
Greater Kailash	Inter Continental Hotel	Khari Baoli	Kirti Nagar	Lajpat Nagar
Leprosy Cricle	Nehru Place	President Estate	Safdarjung Development Area	Shahajada Bagh
Swami Nagar	Tansen Marg	Timarpur