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Check Online Income Tax Payment

Make online income tax payment. Learn how to pay income tax online using Challan ITNS 280. Simple guide for job, businessman and self employed person. http://myincometaxrefund.in/online-income-tax-payment/

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Check Online Income Tax Payment

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  1. Check Online Income Tax Payment BY : myincometaxrefund.in

  2. The Central Board of Direct Taxes – CBDT has prescribed a new form. The Form 12BB is to be used by tax payers to declare their investments. Besides investments, Form 12BB will also be used to claim the tax deductions under LTA, HRA, section 80 and home loan interests.

  3. Now onwards, employees will be submitting the details of their investment and claiming deductions through form 12BB. However, the Online income tax paymentdeclaration is just an estimate for the year.

  4. There was no prescribed standard format for the salaried people to declare the details of their investments. Hence, each employer was submitting proof of investments of employees to the IT department. Income tax return form online will be applicable from 1st of June 2016.

  5. the estimation may vary more or less from your actual investment at the end of the year. Either you invest less than the declared. Or you may end up paying more tax than the actual payable. In such case, you claim for TDS refund.

  6. In any case if you declared the exact investment as you have really made during the year, your employer will deduct only the precise TDS from your salary. This will eliminate chances of TDS refund affair and overpayment of TDS.

  7. When to Use Form 12BB for Tax Refund and DeductionsForm 12BB will be used for claiming following deductions:All salaried taxpayers can claim tax deductions using form 12BB as under:

  8. 1. Tax deductions against LTA / LTC2. Tax deductions against HRA.3. Against interest paid for home loans4. Deductions against all other under chapter VI-A of the income tax act.5. Deductions for any HRA under section 10 (13 A).

  9. To claim tax deductions against above, tax payers need to fill up the Form 12BB. Submit details and proof of all the investments and above expenditures under which you are seeking tax deductions.

  10. THANK YOU CREDIT: myincometaxrefund.in

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