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Who are required to pay tax, how and when?


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Who are required to file Income Tax Returns in India?
How much tax do one need to pay for income earned in financial year ended on 31st March 2014?
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What is the last date to pay Income Tax?
What is ITR?
Answer to all this question in a single page..

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Who are required to pay tax, how and when?

  1. 1. WHAT IS INCOME TAX RETURN?? (ITR) WHAT IS INCOME TAX? Income Tax is a tax on income earned in a financial year starting form 1st April to 31st March. At present financial year is ending on 31st March 2014 (FY 2013-2014). Therefore on Income earned from 1st April 2013 to 31st March 2014 one need to pay tax. Income Tax Return (ITR) is a statement of total income and tax liability submitted annually with INCOME TAX DEPARTMENT via online or offline. LAST DAY TO FILE INCOME TAX RETURN For Individual For Companies WHO ARE REQUIRED TO PAY INCOME TAX? Sr. No. 1 2. Category Individuals (Living Persons) Others Tax HOW MUCH TAX TO BE PAID? Individuals Tax Rate Slab Rate After all deductions) (above 60 years but below 80 years) Upto 2,50,000 2,50,00-5,00,000 5,00,000-10,00000 More than 10,00,000 Company, LLP, Partnership Firm, Local Authority 30% Co-operative Societies Slab Rates * SLAB RATES FOR INDIVIDUALS Senior citizen Net Income ( 30th Sep 2014 Entities Need to pay tax and file ITR if taxable income exceeds the prescribed limit.* Need to file ITR even if there is no income of suffered losses. Category 31st July 2014 Super Senior citizen Others (i.e. below the age of 60 years & (Above 80 Years) HUF) Upto 5,00,000 Upto 2,00,000 2,00,00-5,00,000 5,00,0005,00,000-10,00000 10,00000 More than More than 10,00,000 10,00,000 Income Tax rates www NIL 10% 20% 30%