How to pay income tax

Income Tax - Who, When & How to Pay IT

An individual having salary income and no business income must file his return not later than 30th June of the assessment year. The due date of filing the return by an individual having business income and whose accounts are not required to be audited under the Act is 31st August. The return should be in the prescribed form (Saral Form). It is also necessary to file a return to claim a refund of any excess tax paid. 
You need to attach documentery support for tax deducted at source, investments/payments made that allow you to claim deductions and tax rebates and employer's certificate in Form 16-A. 
The income tax year or assessment year is the year in which income of the previous year is to be assessed. The financial year following a previous year is called the assessment year in relation to that previous year. Thus the assessment year for the previous year 1999-2000 is 2000-2001. 
An assessment, therefore, comprises of two stages

• Computation of total income, and
• Determination of the tax payable thereon.

When both these stages are completed, an assessment is said to have been made. 

Dates with Income Tax 

Date	Obligation	Form No.
November 30, of the relevant assessment year	Submission of annual return of income/wealth for the relevant assessment year, if the assessee is a corporate assessee	Income: Form No.1 Wealth: Form BA
November 30, of the relevant assessment year	Furnish audit report under section 44AB for the relevant assessment year in the case of a corporate assessee.	Form Nos. 3CA & 3CD
December 15, of each year	Payment of second installment (in the case of an assessee other than a company) or third installment (in the case of a company) of advance tax for that financial year.	No statement/ estimate is required to be submitted
March 15, of each year	Payment of third installment (in the case of an assessee other than a company) or fourth installment (in the case of a company) of advance income-tax for that financial year	No estimate/ statement is required to be submitted
April 30, of each year	Certificate of tax deducted at source to be given to employees in respect of salary paid and tax deducted during for the preceding financial year ended 31 March	Form No.16
April 30, of each year	Certificate of tax deducted at source from insurance commission during the preceding financial year ended 31 March to be given.	Form No.16A
April 20, of each year	Consolidated certificate of tax deduction (other than salary) during the preceding financial year ended 31 March.	Form No.16A
April 30, of each year	Submission of annual return of dividend and income in respect of units under section 206 of the I.T. Act 1961 for the preceding financial year ended 31 March	Form No.26
May 31, of each year	Return of tax deduction from contributions paid by the trustees of an approved superannuation fund	Form No.22
May 31, of each year	Submission of annual return of winning from lottery, crossword puzzle for the preceding financial year ended 31 March.	Form No.26B
May 31, of each year	Submission of annual return of winning from horse races for the preceding financial year ended 31 March	Form No.26BB
May 31, of each year	Submission of annual return of salary income in respect of salary paid during the preceding financial year ended 31 March	Form No.24
June 15, of each year	Payment of first installment of advance tax in the case of a company for that financial year	No statement/ estimate is required to be submitted
June* 30, of each year	Submission of annual return of income/wealth for the relevant assessment year in case the following conditions are satisfied: a. the assessee is not a corporate assessee or a b. cooperative society; c. his total income does not include any income from a business or profession	Income: Form No.3/2A  Wealth: Form BA
June 30, of each year	Submission of annual return of insurance commission for the preceding financial year ended 31 March	Form No.26D
June 30, of each year	Submission of annual return of insurance commission paid/ credited without tax deduction during preceding financial year ended 31 March	Form No.26E
June 30, of each year	Submission of annual return of interest on securities for the preceding financial year ended 31 March	Form No.25
June 30, of each year	Submission of annual return of interest (not being on securities) for the preceding financial year ended 31 March	Form No.26A
June 30, of each year	Submission of annual return of payment to contractors / sub-contractors for the preceding financial year ended 31 March	Form No.26C
June 30, of each year	Submission of annual return of payments in respect of deposits under National Savings Scheme, 1987 for the preceding financial year ended 31 March	Form No.26F
June 30, of each year	Submission of annual return of payments on account of repurchase of units by Mutual Fund or UTI for the preceding financial year ended 31 March	Form No.26G
June 30, of each year	Submission of annual return of payment of commission on sale of lottery tickets for the preceding financial year ended 31 March	Form No.26H
June 30, of each year	Submission of annual return of rent for the preceding financial year ended 31 March	Form No.26 J
July 14, of each year	Submission of statement of tax deduction from interest or any other sum payable to non-residents during the period April 1 to June 30 immediately preceding	Form No.27
August 31, of each year	Submission of annual return of income/wealth for the relevant assessment year, if the following conditions are satisfied: a. The assessee is neither a corporate assessee nor a co-operative society; b. he is not required to get his accounts audited under any law; and c. His total income includes income from a business/ profession.	Income:Form No.2 Wealth: Form BA
September 15, of each year	Payment of first installment (in the case of a non-corporate assessee) or second installment (in the case of a corporate assessee) of advance income-tax for that financial year	No statement/ estimate is required to be submitted
October 14, of each year	Submit statement of deduction of tax from interest, dividend or any other sum payable to non-resident during July 1 to September 30 immediately preceding	Form No.27
October* 31, of each year	Submission of annual return of income/wealth for the relevant assessment year if the following conditions are satisfied: a. the assessee is a cooperative society or a non-corporate assessee;  b. he is required to get his accounts audited under the income-tax Act or under any other law.	Income:Form No.2 Wealth: form BA
October 31, of each year	Furnish audit report under Section 44AB for the relevant assessment year, in the case of a non-corporate assessee	Form Nos.3CA, 3CB/3CC and 3CD/3CE
October 31, of each year	Submission of half-yearly return in respect of tax collected at source during April 1 and September 30 immediately preceding.	Form Nos.27EA, 27EB, 27EC and 27ED
October 31, of each year	Submission of annual audited accounts for each approved programmes under section 35 (2AA)