Payment of Taxes – How and When

Types of Taxes

Advance Tax

When tax is paid during the previous year itself, it is called Advance Tax. For example, any tax paid during the financial year 2021-22 for income earned in that year shall be treated as advance tax for the Assessment Year 2022-23.

Self-Assessment Tax

Self-assessment tax refers to any balance tax that has to be paid by an assessee on his total income. This tax is paid after the end of the previous year, i.e., during the assessment year before filing the I-T returns. The assessee himself determines the income tax payable.

Tax on Regular Assessment

Tax on regular assessment is the tax that a taxpayer is required to pay against a notice of demand from the Income-tax department. This tax is paid after the income tax department does the assessment.

Process for online payment of tax The payment of tax can be made online through www.incometax.gov.in or www.tin-nsdl.com. Offline payment of tax can be made through Challan No. ITNS 280 in any authorised bank.

The Institute of Chartered Accountants of India (ICAI) is a statutory body established by an Act of Parliament, viz. The Chartered Accountants Act, 1949 (Act No. XXXVIII of 1949) for regulating the profession of Chartered Accountancy in the country. The Institute, functions under the administrative control of the Ministry of Corporate Affairs, Government of India. The ICAI is the second largest professional body of Chartered Accountants in the world, with a strong tradition of service to the Indian economy in the public interest.

The affairs of the ICAI are managed by a Council in accordance with the provisions of the Chartered Accountants Act, 1949 and the Chartered Accountants Regulations, 1988. The Council constitutes of 40 members of whom 32 are elected by the Chartered Accountants and the remaining 8 are nominated by the Central Government generally representing the Comptroller and Auditor General of India, Securities and Exchange Board of India, Ministry of Corporate Affairs, Ministry of Finance, and other stakeholders.

Visit The ICAI Website

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