• What is Income Tax of India?


    In simple words, Income Tax means Tax on Income you earned. Some portion of your income you are supposed to pay to Central Government for development of our country. Now to know How much Income is taxable, What amount of Tax you have to pay and How to save Tax you have to look at provisions of Income Tax Act and amendments in that act from time to time. We have tried to simplify all necessary income tax provisions to get maximum benefits of the same.

  • Why Paying Income Tax is Important?


    Common question among people is Why we are paying Income Tax to Government? We are bound by our Constitution and that’s why we have to pay Income Tax on our Income for better development and prosperity of our India. It’s nothing but our contribution towards better tomorrow.

  • How to Pay Income Tax Easily?


    There are two ways to pay Income Tax - Offline and Online. Online Payment is Compulsory for Companies and those persons who are covered under TAX Audits.
    Others have option to pay Tax offline. You have to fill up details in challan and deposit income tax in Bank along with that Challan. Bank will return you counterfoil of that challan for your record purpose. For challan please search on our site for which option is given on top right side.

TDS

What is TDS and why?

TDS means Tax Deducted at Source. It’s one type of advance tax. Government gets tax amount as and when transaction taking place. TDS is amount which is deducted by PAYER and paid to government. E.g. if payer has to pay Rs. 100 then he will deducted TDS as per prescribed rate, say here it is 2%, Rs. 2 and pay Rs. 98 to PAYEE and Rs. 2 to government. After paying TDS he has to file TDS return in which he will mention PAN of PAYEE so this Rs. 2 will become TDS receivable for PAYEE and when PAYEE files his return he will get credit of the same i.e. if he has no taxable income he will get refund of entire credit (TDS).

For TDS deduction TAN is required. Generally every Company, LLP, Partnership Firms and those Individuals who are covered under Tax Audit in Last year are liable to deduct TDS from specified Payments they make. For details regarding TDS deduction study of all TDS related sections is must.

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