Commissioner of Income Tax-1 N. Raul on Thursday asked tax-payers to calculate their income properly and pay advance tax on time.
He was speaking at an awareness meeting on the obligation by the tax-payers to pay advance tax instalment for the last quarter of the fiscal conducted by the Commissionerate of Income Tax-1 and 2. Representatives from the top tax-paying corporate and non-corporate entities attended. Mr. Raul underscored the importance of payment of not only the payment of advance tax instalments on time but also the need to estimate the true income and thereafter pay the advance tax without short-paying or deferring the payments to a later period and trying to pay such tax after the end of the relevant financial year in the form of self- assessment tax.
He also cautioned the participants against any attempt to underestimate their income and pay less tax. He said the government needs funds throughout the year to undertake infrastructure and developmental projects.
Commissioner of Income Tax-2 Th. Lucas Peter asked the tax-payers not to indulge in evasion and strictly adhere to rules. Additional Commissioner of Income Tax (TDS, Range 6) D. Komali Krishna said the TDS deductible for the March, 2013 should be paid before the end of the month as it would help the Income Tax Department to augment the budget target.
She also urged the tax-payers to familiarise themselves with the TDS provisions and file their quarterly returns on time after payment of the TDS.