Advance Taxes of Income Tax for FY 2018-19 & AY 2019-20
For businesses who have opted for Presumptive Taxation Scheme 100% of advance tax is payable by 31st March.
3. Self-Assessment Tax
This is the balance or remaining tax paid by an individual or taxpayer after taking into account the TDS and Advance Tax.
What is meant by Assessment year and Financial Year?
Financial Year is the current working year in which an individual or corporation earns income. The Assessment Year is on the other hand the succeeding year in which evaluation of the previous year’s income has to be made. Assessment Year involves:
Income Evaluation.Paying Taxes on the evaluated income as per the rate(progressive) and time ( regular or periodical or on an occasional) notified by the IT Department.For FY 2018-19, the AY is 2019-20.The last date to file the tax return (ITR) for the financial year 2018-19 is 31st July 2018.
Income Tax Calendar of March 2019 Income Tax Calendar of February 2019 under Section 194IA and 194IB under Section 194IA and 194IB ** 194-IA- TDS on payment made by the person transferring Immovable property valuing more than Rs. 50 Lakhs *** 194-IB- TDS on Rent paid by Individual /HUF to any resident exceeding fifty thousand rupees p.m Income Tax Calendar of January 2019 : *** 194-IB- TDS on Rent paid by Individual /HUF to any resident exceeding Rs. 50,000 p.m
