Post by TaxCalendar on Feb 29, 2004 2:25:52 GMT -5
Tax Calendar in.taxes.yahoo.com/taxcalendar.html
For Salaried Employees
For Self-employed Individuals
For Salaried Employees
The taxman loves dates and deadlines. Forget to keep a date with him, and he'll make you pay for it -- sometimes through your nose. If you are a salaried individual, these are the dates you must remember.
March 31: the end of the financial year
The last date for making your investments in tax-saving instruments such as the Public Provident Fund (PPF) and the National Savings Certificate (NSC) that let you claim a rebate under Section 88 of the Income Tax Act. Tip: you get a rebate of 20 per cent on investments of up to Rs 80,000 in tax-saving instruments such as PPF, NSCs and the National Savings Scheme (NSS), provided you invest at least Rs 20,000 (of the Rs 80,000) in infrastructure bonds offered by ICICI and IDBI. This translates into a rebate of Rs 16,000 (20 per cent) on an investment of Rs 80,000.
March 31 is also the last date for you to submit to your employer your rent receipt and bills for reimbursement of medical and conveyance allowances.
If you're about to sell long-term capital assets, you should hold it. If you sell them even a day later, on April 1, you'll get the benefit of indexation for the next year. This means your capital gains will be lower, and you'll pay less tax.
April 1: the new financial year begins
For the taxman, April 1 (and not January 1) is the beginning of the new year. Therefore, income earned (whether or not received) on or after this date will be taxed in the current year. You must factor in your salary increment for the new financial year while planning your tax-saving investments.
April 30: deadline for getting your TDS certificate
By now you should have received from your employer a certificate detailing the tax deducted at source (TDS) on your income for the year. Form 16, as it is called, is an important document, so if you haven't got it, ask for it. While filing your tax returns, you must attach Form 16 (in original) as proof that your employer has deducted tax at source.
Give your employer an estimate of the tax-saving investments you plan to make during the year (April to March), so it can factor in the rebate while making the monthly deductions. Otherwise, your employer may deduct more tax than you're required to pay, and you'd have to claim a refund from the income tax department. That invariably involves a bit of a runaround and agonising delays and encounters with officialdom. Best avoided.
July 31/October 31: deadline for filing returns
One more of those big dates – the deadline for filing your tax returns. If your total taxable income for the relevant financial year exceeds the maximum exemption limit (Which is Rs 50,000 for individuals for the current financial year), then you need to file your return of income before the due date.
July 31 is your deadline for filling return of income. However, if your total taxable income does not exceed the maximum exemption limit but are covered under the one-by-six scheme, the last date for filling return is October 31 of the relevant assessment year.
Therefore, first find out if you need to file tax returns (chances are that you will need to). And if you want to know more about the hows and whys of filing tax returns, click here. To find out which is the right return form for you, click here. Download the appropriate form and take it from there. (The Saral form has made filing returns easier than ever before.) But remember that you must have paid all your taxes before you file your returns.
Your due date for filing your income tax return is also your due date for filing your wealth tax return.
September 15, December 15 and March 15: advance tax payment schedule
The taxman wants you to pay your taxes in instalments through the year, not in a lumpsum at year-end. If your salary is your only source of income, chances are your employer is already deducting advance tax at source. But if you have income from other sources, you may need to pay advance tax in instalments. For instance, if your total tax liability for the year on income from salary, house property, capital gains or other sources is Rs 10,000, you should pay Rs 3,000 in advance tax by September 15, an additional Rs 3,000 by December 15, and the balance Rs 4,000 by March 15. While computing your advance tax liability, you must factor in the tax deducted at source by your employer (and anyone else who made payments to you during the year).
For Self-employed Individuals
The taxman loves dates and deadlines. Forget to keep a date with him, and he’ll make you pay for it -- sometimes through your nose. If you are a self-employed individual, these are the dates you must remember.
March 31: the end of the financial year
The last date for making your investments in tax-saving instruments such as the Public Provident Fund (PPF) and the National Savings Certificate (NSC) that let you claim a rebate under Section 88 of the Income Tax Act. Tip: you get a rebate of 20 per cent on investments of up to Rs 80,000 in tax-saving instruments such as PPF, NSCs and the National Savings Scheme (NSS), provided you invest at least Rs 20,000 (of the Rs 80,000) in infrastructure bonds offered by ICICI and IDBI. Starting 2001-2002, this investment limit stands enhanced to Rs 80,000, subject to a minimum investment of Rs 20,000 in infrastructure bonds offered by ICICI and IDBI. This translates into a rebate of Rs 16,000 (20 per cent) on an investment of Rs 80,000.
If you're about to sell long-term capital assets, you should hold it. If you sell them even a day later, on April 1, you'll get the benefit of indexation for the next year. This means your capital gains will be lower, and you'll pay less tax.
April 1: the new financial year begins
For the taxman, April 1 (and not January 1) is the beginning of the new year. Therefore, income earned (whether or not received) on or after this date will be taxed in the current year. You will also have to factor in the extra income you expect to receive during the new financial year to plan your tax-saving investments.
July 31/October 31: deadline for filing returns
One more of those big dates – the deadline for filing your tax returns. If your total taxable income for the relevant financial year exceeds the maximum exemption limit (Which is Rs 50,000 for individuals for the current financial year), then you need to file your return of income before the due date.
July 31 is your deadline for filling return of income. However, if you are a working partner of a firm whose accounts are required to be audited under the Income tax Act or under any other law, or if your total taxable income does not exceed the maximum exemption limit but are covered under the one-by-six scheme, the last date for filling return is October 31 of the relevant assessment year.
Therefore, first find out if you need to file tax returns (chances are that you will need to). And if you want to know more about the hows and whys of filing tax returns, click here. To find out which is the right return form for you, click here. Download the appropriate form and take it from there. (The Saral form has made filing returns easier than ever before.) But remember that you must have paid all your taxes before you file your returns.
Your due date for filing your income tax return is also your due date for filing your wealth tax return.
September 15, December 15 and March 15: advance tax payment schedule
The taxman wants you to pay your taxes in instalments through the year, not in a lumpsum at year-end. If you have income from various sources, you may need to pay advance tax in instalments. For instance, if your total tax liability for the year on income from business or profession, house property, capital gains or other sources is Rs 10,000, you should pay upto Rs 3,000 in advance tax by September 15, upto Rs 6,000 (including the earlier instalment) by December 15, and upto Rs 10,000 (including the earlier instalments) by March 15. While computing your advance tax liability, you must factor in the tax deducted at source on payments to you during the year).
For Salaried Employees
For Self-employed Individuals
For Salaried Employees
The taxman loves dates and deadlines. Forget to keep a date with him, and he'll make you pay for it -- sometimes through your nose. If you are a salaried individual, these are the dates you must remember.
March 31: the end of the financial year
The last date for making your investments in tax-saving instruments such as the Public Provident Fund (PPF) and the National Savings Certificate (NSC) that let you claim a rebate under Section 88 of the Income Tax Act. Tip: you get a rebate of 20 per cent on investments of up to Rs 80,000 in tax-saving instruments such as PPF, NSCs and the National Savings Scheme (NSS), provided you invest at least Rs 20,000 (of the Rs 80,000) in infrastructure bonds offered by ICICI and IDBI. This translates into a rebate of Rs 16,000 (20 per cent) on an investment of Rs 80,000.
March 31 is also the last date for you to submit to your employer your rent receipt and bills for reimbursement of medical and conveyance allowances.
If you're about to sell long-term capital assets, you should hold it. If you sell them even a day later, on April 1, you'll get the benefit of indexation for the next year. This means your capital gains will be lower, and you'll pay less tax.
April 1: the new financial year begins
For the taxman, April 1 (and not January 1) is the beginning of the new year. Therefore, income earned (whether or not received) on or after this date will be taxed in the current year. You must factor in your salary increment for the new financial year while planning your tax-saving investments.
April 30: deadline for getting your TDS certificate
By now you should have received from your employer a certificate detailing the tax deducted at source (TDS) on your income for the year. Form 16, as it is called, is an important document, so if you haven't got it, ask for it. While filing your tax returns, you must attach Form 16 (in original) as proof that your employer has deducted tax at source.
Give your employer an estimate of the tax-saving investments you plan to make during the year (April to March), so it can factor in the rebate while making the monthly deductions. Otherwise, your employer may deduct more tax than you're required to pay, and you'd have to claim a refund from the income tax department. That invariably involves a bit of a runaround and agonising delays and encounters with officialdom. Best avoided.
July 31/October 31: deadline for filing returns
One more of those big dates – the deadline for filing your tax returns. If your total taxable income for the relevant financial year exceeds the maximum exemption limit (Which is Rs 50,000 for individuals for the current financial year), then you need to file your return of income before the due date.
July 31 is your deadline for filling return of income. However, if your total taxable income does not exceed the maximum exemption limit but are covered under the one-by-six scheme, the last date for filling return is October 31 of the relevant assessment year.
Therefore, first find out if you need to file tax returns (chances are that you will need to). And if you want to know more about the hows and whys of filing tax returns, click here. To find out which is the right return form for you, click here. Download the appropriate form and take it from there. (The Saral form has made filing returns easier than ever before.) But remember that you must have paid all your taxes before you file your returns.
Your due date for filing your income tax return is also your due date for filing your wealth tax return.
September 15, December 15 and March 15: advance tax payment schedule
The taxman wants you to pay your taxes in instalments through the year, not in a lumpsum at year-end. If your salary is your only source of income, chances are your employer is already deducting advance tax at source. But if you have income from other sources, you may need to pay advance tax in instalments. For instance, if your total tax liability for the year on income from salary, house property, capital gains or other sources is Rs 10,000, you should pay Rs 3,000 in advance tax by September 15, an additional Rs 3,000 by December 15, and the balance Rs 4,000 by March 15. While computing your advance tax liability, you must factor in the tax deducted at source by your employer (and anyone else who made payments to you during the year).
For Self-employed Individuals
The taxman loves dates and deadlines. Forget to keep a date with him, and he’ll make you pay for it -- sometimes through your nose. If you are a self-employed individual, these are the dates you must remember.
March 31: the end of the financial year
The last date for making your investments in tax-saving instruments such as the Public Provident Fund (PPF) and the National Savings Certificate (NSC) that let you claim a rebate under Section 88 of the Income Tax Act. Tip: you get a rebate of 20 per cent on investments of up to Rs 80,000 in tax-saving instruments such as PPF, NSCs and the National Savings Scheme (NSS), provided you invest at least Rs 20,000 (of the Rs 80,000) in infrastructure bonds offered by ICICI and IDBI. Starting 2001-2002, this investment limit stands enhanced to Rs 80,000, subject to a minimum investment of Rs 20,000 in infrastructure bonds offered by ICICI and IDBI. This translates into a rebate of Rs 16,000 (20 per cent) on an investment of Rs 80,000.
If you're about to sell long-term capital assets, you should hold it. If you sell them even a day later, on April 1, you'll get the benefit of indexation for the next year. This means your capital gains will be lower, and you'll pay less tax.
April 1: the new financial year begins
For the taxman, April 1 (and not January 1) is the beginning of the new year. Therefore, income earned (whether or not received) on or after this date will be taxed in the current year. You will also have to factor in the extra income you expect to receive during the new financial year to plan your tax-saving investments.
July 31/October 31: deadline for filing returns
One more of those big dates – the deadline for filing your tax returns. If your total taxable income for the relevant financial year exceeds the maximum exemption limit (Which is Rs 50,000 for individuals for the current financial year), then you need to file your return of income before the due date.
July 31 is your deadline for filling return of income. However, if you are a working partner of a firm whose accounts are required to be audited under the Income tax Act or under any other law, or if your total taxable income does not exceed the maximum exemption limit but are covered under the one-by-six scheme, the last date for filling return is October 31 of the relevant assessment year.
Therefore, first find out if you need to file tax returns (chances are that you will need to). And if you want to know more about the hows and whys of filing tax returns, click here. To find out which is the right return form for you, click here. Download the appropriate form and take it from there. (The Saral form has made filing returns easier than ever before.) But remember that you must have paid all your taxes before you file your returns.
Your due date for filing your income tax return is also your due date for filing your wealth tax return.
September 15, December 15 and March 15: advance tax payment schedule
The taxman wants you to pay your taxes in instalments through the year, not in a lumpsum at year-end. If you have income from various sources, you may need to pay advance tax in instalments. For instance, if your total tax liability for the year on income from business or profession, house property, capital gains or other sources is Rs 10,000, you should pay upto Rs 3,000 in advance tax by September 15, upto Rs 6,000 (including the earlier instalment) by December 15, and upto Rs 10,000 (including the earlier instalments) by March 15. While computing your advance tax liability, you must factor in the tax deducted at source on payments to you during the year).