Q.1 Explain the procedure of Tax payment and Filing of return of Income.

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ANS-PROCEDURE OF TAX PAYMENT (1) Mode of Payment of Tax

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a) Physical Mode: Payment can be made by furnishing the hard copy of the challan

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b) Electronic Mode: Payment can be made by using electronic mode.

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(2) Payment of Advance Tax Firms should also pay Advance Tax on the basis of expected tax liability of the year

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The procedure of Filing of return of Income. Every firm should file its return of income

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E-filing of return of income can be made with or without digital signatures.

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Return of income should be filed in the prescribed form by the income tax authorities.

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The return of income should be filed on or before the prescribed due date for this purpose

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