Filing taxes each year is a part of adulting, no one warned me about. I don't like to do so as it is difficult to compile my spending and earnings. I cannot tell you the number of times, I have wondered ‘can you do a payment plan for taxes? It would make my life ten times easier while filing ITR.
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Is there a payment plan for taxes?
There is no way for citizens to figure out how to set up tax return payment plan. It is done by the Income tax department of India. The tax payment model followed in India is different from that of the United States of America.
Income tax payment plan :According to section 208 of the Income Tax Act, each citizen whose estimated tax liability for the year is Rs. 10,000 or more has to pay the owed tax amount in advance. They can pay the tax in four instalments over the course of a financial year.
From what I know there is no specific sales tax payment plan, tax debt payment plan or corporation tax payment plan. You have to pay these taxes as per the allotted date. The owed amount is paid in full to the respected authority.
According to the Income tax return payment plan, citizens are supposed to pay their tax liability of 15%, 45%, 75%, and 100% of advance tax by 15th June, 15th September, 15th December, and 15th March.
I think it would be interesting if there will be a property tax installment payment plan. Though, no such plan exists in the real estate selector. What are your thoughts on it?
I hope, my rambling on can you do a payment plan for taxes helps you out.
Read more :
How to pay pending tax amount?
How to get my property tax receipt online
What is casual income treatment under income tax act.
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Can you do a payment plan for taxes ?
Yamika
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3 Year
2022-08-12T19:07:27+00:00 2022-08-17T19:37:12+00:00Comment
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