The following are the salient features of the procedure regarding advance tax.
(a) Where advance tax is payable, the assessee individual shall himself compute the advance tax payable on his current income at the rates in force in the financial year and deposit the same whether or not he has been earlier assessed.
Any amount, otherwise than by way of advance tax specified as payable in a notice of demand under Section 156 shall be paid within 30 days of the service of the notice at the place and to the person mentioned in the notice. However,
For claiming income tax refund the first prerequisite is that there should have been excess tax paid or deducted at source on the basis of return of income. The second prerequisite is that the income-tax return should be filed along with the prescribed Form No. 30. For ready reference, the said Form No. 30 is reproduced on the next page.
Tax Savings is an effective measure to ensure that people save some of their tax liability in a legal way. There are many investment options which provide deductions to the assessee and some of them are listed below.
