Important due dates for the GST Returns in the Month of June 2023
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Filing your income tax return is an essential responsibility for every taxpayer, ensuring compliance with tax regulations and contributing to the smooth functioning of the economy. After successfully filing your tax return electronically, the next crucial step is to e-verify it. E-verification is the process of validating and authenticating your tax return filing electronically, eliminating the need for physical verification.
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Advance tax is the amount of income tax that is paid much in advance rather than a lump-sum payment at the year-end. Also known as, earn tax.Advance tax is to be paid in instalments as per the due dates decided by the income tax department.
In Budget 2020, government introduced ‘new tax regime’ scheme where taxpayers could pay taxes at a lower rate without availing any exemptions and various deductions that were available to a tax payer.
The Finance Act 2021 has introduced two new sections in the Income Tax Act, viz., Section 206AB & Section 206CCA.
Every taxpayer registered under GST has to pay his tax liability after adjusting input tax
credit before filing the return. You can either pay online or offline.