GK
TAXES IN INDIA
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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1 st March
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31 st March
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5th day of the month immediately following March
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None of the above
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Detailed explanation-1: -Individual Services, Proprietorship, and Partnership firms pay the service taxes on a quarterly basis. If deposited through the online portal, the tax must be paid on the 6th of July, the 6th of October, the 6th of January, and the 31st of March.
Detailed explanation-2: -Can I pay advance tax after the due date? You must pay advance tax before the financial year ends in 4 instalments: 15th June, 15th September, 15th December and 15th March. If advance tax is not paid according to this schedule, then 1% monthly interest will be levied.
Detailed explanation-3: -Individuals: All individuals who provide services that are deemed to be taxable, with a value found to be more than Rs 9 lakhs over the course of a financial year, are required to make payment of service tax on a quarterly basis.