Tuesday, 18 March 2014

What is regular tax and how is it paid?

  1. What is regular tax and how is it paid?

Under the Income tax Act every person has the responsibility to correctly compute and pay his due taxes. Where the Department finds that there has been understatement of income and tax due, it takes measures to compute the actual tax amount that ought to have been paid. This demand raised on the person is called  Regular Tax . The regular tax has to be paid within 30 days of receipt of the notice of demand.

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