Tax Structure in India funny But True

Question 1.. : What are you doing?

Ans. : Business.

Tax : PAY PROFESSIONAL TAX!

Question 2 : What are you doing in Business?

Ans. : Selling the Goods.

Tax : PAY SALES TAX!

Question 3 : From where are you getting Goods?

Ans. : From other State/Abroad

Tax : PAY CENTRAL SALES TAX, CUSTOM DUTY & OCTROI

Question 4 : What are you getting in Selling Goods?

Ans. : Profit.

Tax : PAY INCOME TAX!

Question 5: How do you distribute profit ?

Ans : By way of dividend

Tax : PAY DIVIDEND DISTRIBUTION TAX

Question 6 : Where you Manufacturing the Goods?

Ans. : Factory...

Tax : PAY EXCISE DUTY!

Question 7 : Do you have Office / Warehouse / Factory?

Ans. : Yes

Tax : PAY MUNICIPAL & FIRE TAX!

Question 8 : Do you have Staff?

Ans. : Yes

Tax : PAY STAFF PROFESSIONAL TAX!

Question 9 : Doing business in Millions?

Ans. : Yes  -- Tax : PAY TURNOVER TAX!

Ans : No -- Tax : Then pay Minimum Alternate Tax

Question 10 : Are you taking out over 25,000 Cash from Bank?

Ans. : Yes, for Salary.

Tax : PAY CASH HANDLING TAX!

Question 11 : Where are you taking your client for Lunch & Dinner?

Ans. : Hotel

Tax : PAY FOOD & ENTERTAINMENT TAX

Question 12 : Are you going Out of Station for Business?

Ans. : Yes

Tax : PAY FRINGE BENEFIT TAX

Question 13 : Have you taken or given any Services?

Ans. : Yes

Tax : PAY SERVICE TAX

Question 14 : How come you got such a Big Amount?

Ans. : Gift on birthday.

Tax : PAY GIFT TAX

Question 15.: Do you have any Wealth?

Ans. : Yes

Tax : PAY WEALTH TAX

Question 16 : To reduce Tension, for entertainment, where are you going?

Ans. : Cinema or Resort.

Tax : PAY ENTERTAINMENT TAX

Question 17 : Have you purchased House?

Ans. : Yes

Tax : PAY STAMP DUTY & REGISTRATION FEE

Question 18 : How you Travel?

Ans. : Bus

Tax : PAY SURCHARGE

Question 19.: Any Additional Tax?

Ans. : Yes

Tax : PAY EDUCATIONAL, ADDITIONAL EDUCATIONAL & SURCHARGE ON ALL THE CENTRAL GOVT.'s TAX

Question 20: Delayed any time Paying Any Tax?

Ans. : Yes

Tax : PAY INTEREST & PENALTY

21) INDIAN : Can I die now??

Ans :  Wait we are about to launch the funeral tax!

What is Form 26AS?

Income tax can be paid to the income tax department through these three methods:

1.        TDS
2.        TCS
3.        Advance Tax / Self Assessment Tax.

Form 26AS is the form that is issued to the tax payer by income tax department. This form contains the total Tax Deducted at Source/ Tax Collected at Source/Advance Tax or Self Assessment Tax details. The amount that is to be refunded to the tax payer is also a part of the Form 26AS.

Form 26AS is divided into three parts:

·         Part A: Details of Tax Deducted at Source

·         Part B: Details of Tax Collected at Source

·         Part C: Details of Tax Paid (Self Assessment Tax / Advance Tax)

To get your Form 26AS, you need to visit the following URL:

https://www.tdscpc.gov.in.

If you are a new user, you have to register and create an account. If you are an existing user, you have to login and click on the respective assessment year and check the tax deducted amount with the amount that is reported in your Form 26AS. If there are no some discrepancies, it means that you have paid all the taxes and it has been received by the income tax department.

Few Common Mistakes To Avoid While Filing Taxes

While preparing the income tax return, one should make sure about the correctness of the data provided, as incorrect and incomplete data can result in problems for you.

• a) Correct assessment year should be entered.
  
• b) Correct PAN number should be entered.
  
• c) Correct bank details must be entered.
  
• d) Income from all sources must be entered.
  
• e) Enter all taxes paid and deducted.
• f) Tally all taxes deducted and taxes paid with form 26AS
  
• g) All TAN numbers of tax deductor must be entered properly.
  
• h) Pay all your taxes before filing your returns.
  

I-T Refund will not be processed by CPC if IFSC code not filled in Upper Case in ITR

Eventhough,  it is said that CPC only accepts IFSC code in uppercase letters, if you have entered IFSC in the lower case in your ITR, you are likely to receive the failure of credit of refund process.

The Income Tax Department is requested to implement a small routine in its schema and the templates which shall automatically convert the lower case alphabet to upper case or at least informing the inappropriateness of the lower case IFSC to the tax payer while filing of the Income Tax Returns.

Till then, beware to write the IFSC code in upper case for prompt processing and credit of the refund.