Income Tax


There are various types of challans under Income Tax. A few of them are described as below –

Payment of BCTT & FBTChallan ITNS 283

is used for payment of Banking cash transaction tax(BCTT) and Fringe benefit taxes(FBT). Sec 95 of the Income-tax act levies a tax of 0.1% on the value of every taxable transaction entered with your bank. FBT is taxes levied on the employer for the benefits extended to its employees as reduced by the amount recovered from the employee. FBT is levied at a flat rate of 30%.The detail to be filled in the form includes the Pan number, account details of the bank from which the payment will be made, and common details. The payment of both taxes can be paid through Challan no. ITNS 283. You can save the pdf form of challan no. 283 from this link

Payment of Income-tax under Undisclosed foreign Income

Any income on which tax is not paid is termed undisclosed income or often black Money. If the source of such income is from out of India the tax levied depends on the type of assesses. e. the company and other than the company. Tax on companies is charged as per corporate rate and tax on other than companies is charged with different rates. The person gets no further deductions under any section of the income tax act. However, If the income includes taxability under any foreign act or is not taxable in India such amount shall be eligible to be reduced up to that extent.

Payment in respect of other taxes and duties on commodities –

Any Payment in respect of other taxes and duties on Commodities is done through Challan ITNS 285 also referred to as ‘Equalization levy Challan. It is applicable to residents and non-residents having a permanent establishment in India. The liability to pay tax arises when the amount of consideration extends the specified limit in digital domain services. The rate is 6% for both residents and non-residents. payment of ITNS 285 can be made in physical form that can be saved from the link below-