Need A Financial Product Forums Tax Savings When an individual have to pay taxes on his/her income?

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    Rajnikant
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    When an individual have to pay taxes on his/her income?

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    Normally the tax on income crystallizes only on completion of the previous financial year. However to ease the process of collection and regularity of flow of funds to the government for its various activities, the Income tax act has laid down payment of taxes in advance during the financial year of earning itself. Taxes can also be collected on behalf of an individual during previous year through tax deducted on source and TCS. If in case the individual finds out at the time of filing the return that there is still some balance tax to be paid even after Taxes like TDS and TCS , the falling short amount can be deposited as SELF ASSESMENT TAX.

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