Online Income Tax Payment - The Truth About It

First, are you supposed to pay income tax ?

The answer depends on the year. Admission for the year 2011-12 ( 1 April 2011-31 March 2012 ) , you have to pay taxes if online income tax payment:

    man you are a resident of a taxable income of more than RNs . 1,80,00
    you are a resident of women with taxable income of more than RS . 1,90,000
    you are a senior resident (60 + years) with a taxable income of more than RS . 2,50,00
    you are online income tax payment a resident citizen of a very high level (80 + years) with a taxable income of more than RS . 5,00,000

The amount of taxes I pay ?

You must have heard of " income tax slabs . For a man resident shields for the year 2011-12 are

Slab online income tax payment of income - 0 to 1,80,000
Fee - 0%

Slab of income - 1,80,001 to 5,00,000
Price - 10 %

Online income tax payment slab of income - 5,00,001 to 8,00,000
Price - 20%

Slab of income - over 8,00,000
Price - 30%

This means that if your income is less than 1,80,000 you do not have to pay tax online income tax payment .

If your income is , say, RS . 2,30,000 , you must pay 10% of the amount exceeding RS . 1,80,000 . In this case, your tax liability would be ( 2,30,000 - 1,80,000 ) * 0.10

And if your income is , say, RS . 6,00,000 , online income tax payment you must pay tax on RS . 3,20,000 ( 5,00,000 - 1,80,000 ) 10% and RS . 1,00,000 ( 6,00,000 - 5,00,000 ) 20%.

So, this means that every year I have to go to the Ministry of income tax and pay ?

Most likely not . To keep things online income tax payment on your side, the department does your employer do the same. Your employer deducted from your salary and paid by you. This is known as TDS - Tax deducted at source.

What is this Form 16 ?

How do you know if your employer pays your taxes on time ? and what is the amount online income tax payment ?

Your employer will give you Form 16 at the end of the year. 16 This form gives details of the treatment that you pay , the tax has been deducted in it, and pay to the Department of Income Tax online income tax payment.

What is advance tax self-assessment tax / ?

Your employer will deduct tax on salary income and pay the Tax Department , but what if you have income from other online income tax payment sources well ?

Say you sold land and make a decent profit on it. Now you have to pay taxes on those profits. Unfortunately , your employer will not pay . You owe.

Consider another case . Your employer does not deduct tax on wages. Will face sanctions from the Ministry of the income tax , but you ?Online income tax payment you now have to pay the Department of income tax directly . It is a rare case .

This is known as withholding tax for the tax / self-assessment

Is there a difference between the two?

Yes.

Online income tax payment if you pay during the year, IE from 1 April 2011 and March 2012 ( 2011-12 ) 31 is called withholding tax.

If you realize that you still have to pay taxes, and pay well for the preparation of your tax return , it is called tax self - assessment. So the self-assessment tax is paid after March 31, 2012 .

What are the tax deductions online income tax payment?

Deductions are certain tax benefits that would be allowed to take advantage. If your income is RS . 4,00,000 , and you are allowed deductions of RS . 1,00,000 have to pay tax on RS . 3,00,000 types of plates .

There are many deductions. example online income tax payment :

    Paid on a life insurance policy premium
    Reimbursed housing loans
    Amount deposited in PF ( Public Provident Fund ) account
    Some mutual funds acquired
    Tulips purchased

Ok , so my employer pays the tax on my behalf. So my job is done ? I do not have to do something online income tax payment , right?

Not really. You must file a tax return with the Department of Income Tax . Return is more than one way to get the income they have earned throughout the year , the tax is supposed to pay that actually pay taxes, benefits paid online income tax payment , etc. ..