Key Points to fill different IT Challan (281 to 287) Income Tax Act, 1961

 


Challan-280 (Normal Taxpayer Challan)

u  Step-1(Tax Applicable)

       i)          (0020) INCOME-TAX ON COMPANIES (CORPORATION TAX)

      ii)          0021) INCOME TAX (OTHER THAN COMPANIES)

u  Step-2(Type of Payment)

       i)          Advance Tax (100)

      ii)          Surtax (102)

    iii)          Self-Assessment Tax (300)

    iv)          Tax on Distributed Profits of Domestic Companies (106)

      v)          Tax on Regular Assessment (400)

    vi)          Tax on Distributed Income to Unit Holders (107)

 

Challan-281(TDS & TCS Challan)

u  Step-1(Tax Applicable)

TAX DEDUCTED/COLLECTED AT SOURCE FROM

       i)          (0020) COMPANY DEDUCTEES

      ii)          (0021) NON-COMPANY DEDUCTEES

u  Step-2(Type of Payment)

       i)          TDS/TCS Payable by Taxpayer (200)

      ii)          TDS/TCS Regular Assessment (Raised by I.T. Deptt.) (400)


Challan-282 (Specified Challan)

u  Step-1(Tax Applicable)

       i)          (0034) SECURITIES TRANSACTION TAX

      ii)          (0023) HOTEL RECEIPTS TAX

    iii)          (0031) ESTATE DUTY

    iv)           (0024) INTEREST TAX

      v)          (0032) WEALTH TAX

    vi)          (0028) EXPENDITURE/OTHER TAX

   vii)          (0033) GIFT TAX

u  Step-2(Type of Payment)

       i)          Advance Tax (100)

      ii)          Self-Assessment Tax (300)

    iii)          Tax on Regular Assessment (400)


Challan-283 (Banking & FBT Challan)

u  Step-1(Tax Applicable)

       i)          (0036) BANKING CASH TRANSACTION TAX

      ii)          (0026) FRINGE BENEFITS TAX

u  Step-2(Type of Payment)

       i)          Advance Tax (100)

      ii)          Self-Assessment Tax (300)

    iii)          Tax on Regular Assessment (400)

 

Challan-284 (Undisclosed foreign income and assets challan)

u  Step-1(Tax Applicable)

       i)          (0020) INCOME-TAX ON COMPANIES (CORPORATION TAX)

      ii)          0021) INCOME TAX (OTHER THAN COMPANIES)

u  Step-2(Type of Payment)

       i)          Tax under the Undisclosed foreign income and assets and Imposition of Tax ACT, 2015[For Companies (0020) ] (109)

      ii)          Tax under the Undisclosed foreign income and assets and Imposition of Tax ACT, 2015 [For Other than Companies (0021)] (108)

 

Challan-285 (Equalisation levy challan)

u  Step-1(Tax Applicable)

       i)          OTHER TAXES AND DUTIES ON COMMODITIES AND SERVICES (0045)

      ii)          EQUALISATION LEVY (119)

u  Step-2(Type of Payment)

       i)          Equalization levy Payable by Taxpayer(deductor)

      ii)          Equalization levy payable as per processing (demand raised by I.T.Deptt.)

    iii)          Miscellaneous

 

Challan-286 (Income declaration scheme,2016 challan)

u  Step-1(Tax Applicable)

       i)          OTHER TAXES ON INCOME AND EXPENDITURE (0028)

      ii)          PAYMENT UNDER INCOME DECLARATION SCHEME, 2016 (111)

u  Step-2(Type of Payment)

       i)          Payment made by Company

      ii)          Payment made by person other than Company

 

Challan-287 (Taxation and investment regime for Pradhan Mantri Garib Kalyan yojana, 2016 (PMGKY) 

u  Step-1(Tax Applicable)

       i)          OTHER TAXES ON INCOME AND EXPENDITURE (0028)

      ii)          PAYMENT UNDER PMGKY ( 112 )

u  Step-2(Type of Payment)

       i)          Payment made by Company

      ii)          Payment made by person other than Company


Regards

CA Arun Kumar Mohanty

Comments

Post a Comment

Popular posts from this blog

CTRL function of Excel

Image
                                                                                                                                              CA Arun Kumar Mohanty
Read more
  Compliance Check Functionality for Section 206AB & 206CCA of Income-tax Act 1961 Section 206AB and 206CCA inserted in the Income-tax Act,1961 (effective from 1st July 2021), imposed higher TDSITCS rate on the "Specified Persons' defined as under, • For the purposes of this section ' specified person" means a person who has not filed the returns of income for both of the two assessment years relevant to the two previous years immediately prior to the previous year in which tax is required to be collected, for which the time limit of filing return of income under sub-section (1) of section 139 has expired; and the aggregate of tax deducted at source and tax collected at source in his case is rupees fifty thousand or more in each of these two previous years . Provided that the specified person shall not include a non-resident , who does not have a permanent establishment in India . Explanation. -For the purposes of this sub-section, the expression 'perma...
Read more

Chapter-I of Income Tax Act-Preliminary

Image
 Taxation in India is governed by various laws and regulations that outline how individuals, businesses, and other entities are required to pay taxes to the government. The primary authority for taxation in India is derived from the Income Tax Act of 1961, the Goods and Services Tax (GST) Act of 2017, and other legislation related to specific types of taxes. Tax is a mandatory financial charge or levy imposed by a government on individuals, businesses, or other entities to fund various public expenditures and government functions. Taxes are used to generate revenue for the government, which is then utilized to provide public services, infrastructure, social programs, defense, and other essential functions. There are two types of taxes –Direct Taxes and Indirect Taxes * Components of Income Tax In the context of income tax, it is a type of tax that is levied on the income earned by individuals, businesses, and other entities. Income tax is a major source of revenue for governments a...
Read more