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Income tax system is different for people working in different ways. Being a professional (if you earn individually) you can pay tax on only half (50% per cent) of your gross annual income. The Presumptive Taxation Scheme under Section 44ADA of Income Tax Act allows you that function. But this scheme only applies if your annual income is less than 50 lakh rupees.
Today, we will see step by step procedure for paying income tax:
Overview your annual income. All foreign and domestic income and calculate how much tax is due. There is a pilot project launched by the government to oversee how many people haven’t paid their taxes. The Non-filers Monitoring System (NMS) is that pilot project we talked about. Non-filers are informed via SMS, letters and emails.
On the e-filing website, taxpayers are required to submit response through the following steps:
Then click on :“Compliance Tab”.
Then go for “submit online response”
For all these procedures for Non-filers, a person needs their user-ID and their password only. If that person is not registered already then I have provided registration procedure below:
Here are the step by step registration process:
After you register yourself, you will get your user ID and your personal password. After that, you need to re-login to enter the website. For that, guidance is provided below:
All the information provided is basics. In these 3 points you can file your tax and you can submit a response for your remaining tax. All this information is available on the site also but to provide a brief of the steps I have tried to mention in simple words.
By visiting the site you will get an idea of how every element for tax-paying is located on the website.
If you click on “e-filing Brochures” then the following page is displayed as shown in the image below:
Where you can extract information by downloading a book or brochure available on the right side of the screen. Queries related to e-verification of ITR, Reset eFiling Password, e-Proceedings, Rectification of Order/Intimation, File Revised Return, e-Filing Vault, View Tax Credit Statement (Form 26AS), Response To Outstanding Demand can be solved through this “e-filing Brochures” web page.
Proper documentation is required before filing your taxes. As it would create problems for you to manage all stress afterwards. You just need one thing to make your tax-paying experience easy for you. You just need to already find and have all the documents scanned before proceeding with payment of taxes.
If you are a salaried employee.
Must be needed if you get your pay in terms of salary. It is to ensure how much you get and how much tax is already taken before giving you salary.
Compulsory document to extract information of your identity.
Under this documentation you can claim deduction in tax.
In case, no TDS is deducted it is needed.
This document suggests how much interest you have repaid.
It is your consolidated annual tax statement.
helps you lower your tax liability.
Proof of selling property or anything like that.
Growing your business is a great thing but with that we must never forget paying tax or take it for granted. As we have seen, the pandemic (spread of Coronavirus) hasn’t left our country. All the money we pay as tax goes for our country’s welfare. All the things our government was able to do for our country in this difficult time was because of our tax money.
I have summarized all the information needed to pay tax or tax returns. Wishing you well, stay safe.
Also read about,
10 Qualities that working professional must inculcate for promotion.
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