Advance tax must be paid in how many installments during a financial year?

Four installments

Tax Deducted at Source (TDS) is primarily the responsibility of ___ rather than the income recipient.

The payer

Fill in the blank: The total tax liability must be recalculated on each due date to align with the actual liability ___ .

Proportionately

What is the purpose of Tax Collected at Source (TCS) as defined under Section 206C?

It mandates the collection of tax from buyers at the time of sale for specific goods.

Fill in the blank: Tax deducted at source on salary is governed by Section ___ of the Income Tax Act.

192

How is self-assessment tax determined after the financial year?

It is calculated by comparing the actual tax liability with total tax credits shown in Form 26AS.

True or False: TCS is applicable to all sales transactions without exception.

False. TCS applies only to specific transactions outlined in Section 206C.

Fill in the blank: A taxpayer must pay interest at the rate of 1% for each month of delay under Section ___ for shortfall in advance tax installments.

234C

What is the significance of Form 26AS in relation to TDS and tax credits?

It reflects the tax credits against the recipient's Permanent Account Number (PAN) and helps in calculating tax liability.

What happens if a taxpayer overpays their tax liability during the financial year?

The taxpayer can request a refund when filing their Income Tax return.