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 section

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 Calculate income tax so that you can understand the amount of reduction you need to do through various investments

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.