For many taxpayers part of the year’s tax is paid early: deducted from salary, from bank interest or savings certificate profit, or paid as advance tax on a vehicle. If you do not record these payments, the system will show more tax payable than you owe.
What to record
The Tax & Payment step accepts four kinds of payment:
- Tax deducted at source on salary, interest, profit, commission and similar
- Advance tax paid by challan or on a vehicle
- Excess tax from a previous year that can be adjusted
- Tax paid with the return
How to begin
In Tax & Payment, answer Yes to the question about tax payments and Yes to updating your payment status. You will be taken to the e-Return Ledger, where each payment is entered separately.
The next guide explains how to fill in the ledger.