Income Tax- A Guide on How to Pay and Save Taxes - PowerPoint PPT Presentation

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Income Tax- A Guide on How to Pay and Save Taxes

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In recent the finance minister Mr. Arun Jaitley passed the new union budget for 2017-18. They have made some changes in income tax slab rate and rules. Know more about income tax and save. – PowerPoint PPT presentation

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Title: Income Tax- A Guide on How to Pay and Save Taxes


1
Income Tax- A Guide on How to Pay Save Taxes
Union Budget 2017
2
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 exem- Pitons and
deductions on any individuals income and profits
which are Described in the Income tax act and
ruled by the Indian government.
3
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 but less than 10 lakhs 20 of exceeds amount of Rs. 5 lakhs
Income greater than Rs. 10 Lakhs 30 of exceeds amount of Rs. 10 lakhs
4
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 but less than 10 lakhs 20 of exceeds amount of Rs. 5 lakhs
Income greater than Rs. 10 Lakhs 30 of exceeds amount of Rs. 10 lakhs
5
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
6
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.
7
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 acts
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.
8
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.
9
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
10
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