We’ve all talked a lot about how returns are filed, how taxes are calculated and what income tax deductions to apply to maximise our savings. But no one seems to be talking about paying the actual amount to be paid as tax, perhaps, because it is done by our employer for us. Others may take the help of a CA to get it done.
But a little tax knowledge wouldn’t hurt especially if you can’t bring yourself to trust people who handle your money. If you know a little economics, you would understand that levying taxes influences people to save. Savings can be invested back into the economy. Capital accumulation helps kick-start new projects and leads to much needed infrastructure growth. This leads to more trade, more commerce and in turn more employment and higher salaries. Higher salaries mean more savings and so the cycle continues.
Direct taxes are those that are collected directly from the taxpayer. These create a right on the part of the state and a corresponding obligation on the part of the citizen or entity subject to this tax. Examples of this tax include income tax, interest tax, corporate taxes, gift tax and wealth tax.
Taxes are collected by the State in the following manner:
You can make voluntary payments to the Income Tax department using Challan ITNS 280. Such tax payments can be made both online and offline.
You must visit the income tax official website and navigate to the e-payments link. Choose the correct form and then select whether you’re a company or an individual. Give your PAN number and choose the assessment year for which the payment has to be made. You can fill in the details of income as asked and the website will calculate the amount of tax due. For more information click here.
- Tax Collected at Source: This is tax that is paid by the receiver or seller of a good.
CA assisted tax return efilings are the best option for you if you possess multiple sources of income. AllindiaITR is one of the leading platforms to serve your tax needs. Owned and promoted by Corwhite Solutions Private Limited, it is also the producer of one of the most successful efiling tax apps for smartphones in the country.