INCOME TAX SERVICE
Tax can be termed as in very simple words as the government’s revenue or source of income. The money collected under the taxation system is put into use for the country’s development through several projects and schemes. Tax is a compulsory payment to be made by every resident of India. It is a charge or burden laid upon persons or the property for the support of a Government. Government decided the rates and the items on which tax will be charged, like income tax, GST, etc.
A tax is a mandatory fee or financial charge levied by any government on an individual or an organization to collect revenue for public works providing the best facilities and infrastructure. The most common type of tax that eligible citizens must pay to the government. A part of your income is paid to the government every year and the government uses this money to fund support the growth and development activities across the country.
An Individual who earns income above a certain amount is subject to income tax. Your income could be from salary, interest income from savings, income from mutual funds, sale of property or business or professional income. Income tax rates are pre-decided in every year’s Union Budget in the Parliament of India.
Frequently Asked Questions
5 Steps to File ITR on Income tax Government Portal
Step 1- Calculation of Income & Tax
The taxpayer needs to calculate his/her income as per the income tax law provisions applicable to him/her.
Step 2- Tax Deducted at Source (TDS) certificates and Form 26AS
The taxpayer should summarise his TDS amount from the TDS certificates received by him for all the 4 quarters of the financial year. Form 26AS helps the taxpayer in summarising the same.
Step 3- Choose the right Income Tax Form
The taxpayer needs to ascertain the income tax form/ITR Form applicable for filing his/her income tax return (ITR).
There are 2 modes available for filing–online and offline. The online mode is available only for ITR 1 and ITR 4; it is not available for forms of other categories of individual taxpayers. The offline mode of filling is available for all types of income tax forms.
Step 4- Download ITR utility from income tax portal and fill your details
Fill in the relevant and accurate details of your income and check the tax payable or the refund receivable as per the calculations of the utility. The details of income tax challan can be filled in the downloaded form.
Step 5- Validate the information and Upload file on the income tax portal
Click on the ‘Validate’ button to ensure all the required information is filled. Upon successfully validating, Now, log in to the income tax e-filing portal and click ‘Income Tax Return’ option.
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