PDF Archive

Easily share your PDF documents with your contacts, on the Web and Social Networks.

Send a file File manager PDF Toolbox Search Help Contact



Income Tax A Guide on How to Pay and Save Taxes .pdf



Original filename: Income Tax- A Guide on How to Pay and Save Taxes.pdf

This PDF 1.4 document has been generated by Online2PDF.com, and has been sent on pdf-archive.com on 14/02/2017 at 11:28, from IP address 122.160.x.x. The current document download page has been viewed 153 times.
File size: 121 KB (10 pages).
Privacy: public file




Download original PDF file









Document preview


INCOME TAX- A GUIDE ON HOW
TO PAY & SAVE TAXES

Union Budget 2017…

What is Income Tax
Income tax is a percentage of your income which you should pay to the
Government for betterment and development of the country. Taxes are
Two types indirect and direct taxes. Indirect taxes which we pay in any
Services and goods like when we pay bills in restaurants in that and when
We buy any goods in that. Direct taxes, which are levied on our income
And profit and are deduct from your salary.

The Income tax act passed in 1961 in India by the government. Any Indian
Citizens are below of the aged 60 is liable to pay the income tax according
This act and if their income is exceeds Rs. 3 lakhs. There are lots of exemPitons and deductions on any individual’s income and profits which are
Described in the Income tax act and ruled by the Indian government.

Income Tax Slab Rates
For below the age of 60 years

Income Tax Slabs

Income Tax Rates

Income less than
Rs. 3 lakh

Tax not applicable

Income more than Rs. 3
Lakhs but less than 5 lakhs

5% of exceeds amount
of Rs. 3 lakhs

Income greater than Rs. 5 lakhs 20% of exceeds amount of Rs.
but less than 10 lakhs
5 lakhs
Income greater than Rs. 10
Lakhs

30% of exceeds amount of Rs.
10 lakhs

Income Tax Slab Rates
For above the age of 60 years

Income Tax Slabs

Income Tax Rates

Income less than
Rs. 3 lakh

Tax not applicable

Income more than Rs. 3
Lakhs but less than 5 lakhs

10% of exceeds amount
of Rs 3 lakhs

Income greater than Rs. 5 lakhs 20% of exceeds amount of Rs.
but less than 10 lakhs
5 lakhs
Income greater than Rs. 10
Lakhs

30% of exceeds amount of Rs.
10 lakhs

Income Tax Slab Rates
For below the age of 80 years

Income Tax Slabs

Income Tax Rates

Income less than
Rs. 5 lakh

Tax not applicable

Income more than Rs. 5
Lakhs but less than Rs. 10
lakhs

20% of exceeds amount
of Rs. 5 lakhs

Income greater than Rs. 10
lakhs

30% of exceeds amount of Rs.
10 lakhs

How to Calculate and Pay Taxes
In recent budget the income tax slab rates have been updated. In which a
Individual person who earns till 3 lakhs will not liable to pay tax if he/she
Earns more than 3 lakhs will pay tax to the government and tax rates is also
reduced by 5% for this slab which was 10% in 2016-17. Also he/she can
Save taxes by investing in any insurance or investment plan for exceed
Money of their income.

Know how you will calculate your tax on your income, use our online income
Tax calculator to calculate your income tax liability easily. Start with the fill
Personal details, annual income, total investment in the financial year
And click proceed button to compute your income tax. You can pay your
Tax liability online through, https://www.tin-nsdl.com/ by filling up the
Mandatory fields.

Income Tax Deductions and
Exemptions
According to income tax act 1961 of India the government offers you
Many provisions for the tax deductions if certain amount of your income
Is above. You can claim for tax deductions for many expenses like
Tuitions fees, charitable contributions and medical expenses to save
your tax under different income tax act’s sections.
There are lots of ways to save income tax like under the income tax act
There are many exemptions available on your salary that can save taxes.
House Rent Allowance (HRA), Allowance on Transportation, Children
Education allowance, Exemption on Housing Loan etc. These all things
You need to mention at the time of tax filing.

Income Tax Return Filing
Once you paid the income tax payment you need to report this
Information on your income tax return filing to the department.
An every person whose total income during the last year was
Exceeds the maximum amount which was not chargeable to
Income tax has to file an income tax return.

Filing income tax return is not an easy task, but the government
Has given the facility to file it online which is called e-filing. 31st
july is due date of every year to file an income tax return. But
The things you need to know before e-filing income tax return
File and choose the right form to fill.

What is Form 16
Form no. 16 is issued under the section 203 of income tax act for tax
Deductions at the source from your salary. It is shows the details of
Total income tax deduction of the employee by the employer. Form 16
Contains the complete details of your salary, it also has contained tax
Exempted from the salary.

Important Components of Form 16
PAN

TAN

GROSS SALARY

TDS

ALLOWANCE

DEDUCATION

TOTAL INCOME

EDUCATION CESS


Related documents


PDF Document income tax a guide on how to pay and save taxes
PDF Document w4
PDF Document what the 2018 tax brackets1419
PDF Document 2017 w 4 for co
PDF Document gst calculator india tax
PDF Document qed budget highlights 2018


Related keywords