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The seller of a motor vehicle will collect TCS from the buyer if the value of the motor vehicle is over Rs 10 lakh. However note that TCS is not an additional tax and this amount can be claimed back at the time of income tax return (ITR) filing.
The seller of a motor vehicle will collect TCS from the buyer if the value of the motor vehicle is over Rs 10 lakh. However note that TCS is not an additional tax and this amount can be claimed back at the time of income tax return (ITR) filing.
Kolkata-based Ready Accountant is currently operating in three locations of Kolkata, Howrah, and Bangalore and is targeting the training of nearly 5,000 students from the southern region by 2025.
An individual can take advantage of income tax department's 'pay later' feature to first file his income tax return (ITR) and pay the self-assessment (if any) at a later date. However this option comes with its owk risks like possible consideration of assessee in default, interest, etc.
Annual Information Statement (AIS) is an important document because many tax filers reconcile their own data with AIS. However do note that if one has paid any self-assessment tax while filing ITR for FY 2022-23 then the AIS for FY 2023-24 will show this and not AIS for FY 2022-23.