What is Income Tax?
Income tax is the amount of money imposed by the Government of India on any body
who earns income in India. This tax is charged based on the act called ‘Income tax
Act’ which was passed by the Parliament of India. You can check all the acts and
rules at our Income Tax Acts
Who should pay Income Tax?
A person or group or artificial bodies who (or) which have earned income during
the previous years are required to pay Income tax on the earned income. The Income
Tax Act recognizes the earners of income under various categories, and each category
has to fill the income tax based on their income.
How to file Income tax return?
At Make My Returns, efiling income tax return is very easy. You just need to select
from the options - Self-service, Expert Assist or Premium Assist. You then sign
in using various options and fill the form. Our experts will always be ready to
help you if you need assistance at any level.
How much Income tax I have to pay?
The rates of income tax and corporate taxes are available in the Finance bill. This
is also called as budget and is passed by Parliament every year. Not updated with
budget? Login and our expert will help you in detail to know the amount of income
tax you have to pay.
How is advance tax calculated and paid?
Advance tax is paid in installments. You can calculate the amount payable by using
our Advance Tax calculator
.The deposit of advance tax is made through challan by ticking the relevant column.
How to reduce my tax?
The tax can be reduced by making investment in various Government approved schemes
as well as by making donations to approved charitable institutions. You can even
tax so that you can understand the amount of reduction you need to do through
What are the benefits of
filing my return of income?
Income tax efiling has many benefits. Your
taxes help in the development of the nation. This apart, your IT returns validate
your credit worthiness before various financial institutions and make it possible
for you to access many financial benefits such as bank credits etc. (Link income
tax filing to http://www.makemyreturns.com/) Have more questions? Just login through
efiling income tax login portal and our experts
will help you with all your queries.