Edit, Download, and Sign the Income Tax Statement Submission for FY 2023-24

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How do I fill this out?

Filling out this form is essential for proper income tax management. Start by gathering your income details and any applicable deductions. Follow the sections carefully to ensure all necessary information is included.

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How to fill out the Income Tax Statement Submission for FY 2023-24?

  1. 1

    Download the form from the university website.

  2. 2

    Provide your personal information including name, post, and PAN.

  3. 3

    Fill in your total salary income and applicable deductions.

  4. 4

    Calculate your taxable income based on the guidelines provided.

  5. 5

    Submit the completed form before the specified deadline.

Who needs the Income Tax Statement Submission for FY 2023-24?

  1. 1

    Regular staff needing to declare their income for tax purposes.

  2. 2

    Contractual employees who must submit income details for tax deductions.

  3. 3

    Temporary staff required to report income despite their short-term contracts.

  4. 4

    Finance administrators needing this data to process payroll accurately.

  5. 5

    Any employee wanting to avoid tax discrepancies in their monthly salary.

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What are the instructions for submitting this form?

To submit your Income Tax Statement, ensure you complete the form accurately and submit it physically to the Establishment Section by the deadline of March 27, 2023. Alternatively, you may also submit via email to the finance office at finance@ravenshawuniversity.edu. For any offline submission, address it to the Comptroller of Finance, Ravenshaw University, Cuttack, Orissa.

What are the important dates for this form in 2024 and 2025?

The crucial date for submitting your anticipatory income tax statement is March 27, 2023. Ensure you meet this deadline for proper salary processing. Further tax submissions may follow in the upcoming tax period.

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What is the purpose of this form?

This form serves the primary purpose of gathering anticipatory income tax information from employees for the financial year 2023-24. It enables the university to accurately calculate tax liabilities and deductions from monthly salaries. By ensuring timely submissions, the university can maintain compliance with tax regulations and avoid unnecessary penalties.

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Tell me about this form and its components and fields line-by-line.

The document includes several fields targeting essential financial information necessary for calculating income tax.
fields
  • 1. Employee Name: The name of the employee submitting the form.
  • 2. Post: The designation or job title of the employee.
  • 3. PAN: The Permanent Account Number for tax identification.
  • 4. Total Salary Income: Complete breakdown of total earnings including various allowances.
  • 5. Deductions: Details about exemptions and deductions that apply to the employee's income.

What happens if I fail to submit this form?

Failure to submit this form by the deadline can lead to automatic deductions based on the last available income data. This may result in higher tax deductions than necessary, impacting the employee's monthly salary adversely.

  • Increased Tax Liability: Delayed submission may result in higher monthly tax deductions.
  • Compliance Issues: Non-compliance with tax requirements may lead to legal implications.
  • Payroll Delays: Delays in processing salaries due to incomplete information.
  • Financial Planning Setbacks: Improper tax deductions could affect personal financial planning.
  • Loss of Benefits: Employees may lose out on potential tax benefits and exemptions.

How do I know when to use this form?

Use this form whenever you are required to submit your income details for tax purposes at the beginning of the fiscal year. Employees must declare their projected income and tax liabilities accurately.
fields
  • 1. Beginning of Financial Year: Submit at the start of the fiscal year for proper tax estimation.
  • 2. Salary Adjustments: Use when there are changes in your salary or allowances.
  • 3. Tax Planning: Essential for financial planning and ensuring accurate tax deductions.
  • 4. Compliance Requirements: Part of adherence to income tax regulations imposed by the government.
  • 5. Avoiding Tax Penalties: Helps prevent fines due to incorrect income declaration.

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