Income tax portal

The government has recently announced an extension of the deadline for linking PAN (Permanent Account Number) and Aadhaar card, providing taxpayers with more time to comply with the requirement. Those who have not linked their PAN with Aadhaar card can now do so till June 30, 2023, without any penalties. From July 1, 2023, PAN cards that have not been linked with Aadhaar will become inoperative. This means that no refunds will be made against such PANs. Additionally, interest will not be payable on any refunds during the time the PAN remains inoperative. Moreover, tax deducted at source (TDS) and tax collected at source (TCS) will be deducted or collected at a higher rate as provided under the Income Tax Act. Individuals would need to link their Aadhaar with the designated authorities within 30 days of paying a Rs 1,000 fine to revive an inactive PAN. Once the Aadhaar-PAN linkage is successfully completed, the PAN card will regain its operative status. The individuals check the status of their PAN and Aadhaar links through the Income Tax Department’s official website. Here’s how to check PAN-Aadhaar linking status: 1. Go to Income Tax e-filing website at 2. On the left side of the page, click on ‘Quick Links,’ then select ‘Link Aadhaar Status.’ 3. Enter your Aadhaar number (12 digits) and PAN number (10 digits). 4. Go to ‘View Link Aadhaar Status.’ 5. If your Aadhaar number appears, it indicates that your PAN and Aadhaar cards are already linked. If not, take the necessary...

Paying advance tax can help you better manage your taxes and also avoid interest on outstanding dues. Here’s all you need to know. The ITR-filing season can be stressful for many taxpayers, given the time and effort it takes to collate all the information required, organise it and then fill up the return form. Advance tax payment is an effective strategy that can reduce this hard work. Advance tax is a tax-collection system in which you can pay your tax liability in instalments rather than in a lump sum for the full financial year. In this blog, we will understand advance tax, how it is calculated, and how and when to pay it. What Is Advance Tax? Advance tax is the income-tax amount a taxpayer pays in advance for a particular financial year. Generally, taxpayers pay the outstanding tax at the end of the financial year. Because of this one-time payment, they must pay substantial amounts in a single go. But in the case of advance tax, taxpayers can pay the estimated tax in four instalments in the current year only, which helps reduce their financial burden. Advance tax is applicable to individuals, self-employed professionals, and businesses whose estimated tax liability for the financial year exceeds a certain threshold. Let’s find out who is required to pay advance tax. Who Should Pay Advance Tax? As per Section 208 of the Income Tax Act, individuals with an estimated tax liability of Rs. 10,000 or higher for a financial year must make advance tax payments. Also, taxpayers...

Also Read: The income tax e-filing website was launched in 2021 to replace the former e-filing portal www.incometaxindiaefiling.gov.in. Now, people can submit their income tax returns (ITRs) and perform other tax-related activities online on the website, or portal. Also Read: Tax payers can visit the tax e-portal to fill and submit their ITR, to link aadhaar card with their