2022-07-06 09:52:27

HOW TO PAY THE TAXES AS PER THE NEW INCOME TAX SLAB?

INTRODUCTION

Income Tax is a direct tax levied by the Government of India on the per capita income from the wages, generated by businesses & trading companies, in their area. As per Indian law, taxpayers must file an annual income tax return in order to determine their tax obligations.

Tax revenue is the major source of revenue for the Indian government, which is invested in public works & government obligations. Business income taxes are applicable to non-profit company owners, partnerships, small businesses, and self-employed people. Income tax is calculated on the following income tax on business income based on the pre-defined tax bases of the Department of Revenue, which is managed via the Union Budget. The tax that an individual pays is in the amount that the person earns until the end of the financial year. Paying taxes by filling out the correct form online, has changed and made the whole taxing process easier and more happening.

TAX SLAB

Any individual or organization or group of persons earning more than the basic exemption rate is expected to pay income tax.

Artificial Judicial Person,
Company Firms,
Associations of persons (AOPs),
Hindu Undivided Family (HUFs),
Companies,
Local authorities,
Body of Individuals (BOIs) is all required to record their ITRs & pay taxes.

It is compulsory to file an ITR for individuals if their total income is more than Rs. 2,50,000 per financial year. This limit exceeds Rs. 3,00,000 for adults aged 60 years and Rs. 5.00,000 for adults in their 80s.

For the financial year (FY) for 2022-2023 (AY 2023-2020), tax slabs are as follows:

Income up to Rs. 2,50,000 – NIL.
From Rs. 2,50,001 to Rs. 5,00,000 - 5%
From Rs. 5,00,001 to Rs. 7,50,000 - 10%
From Rs. 7,50,001 to Rs. 10,00,000 - 15%
From Rs. 10,00,001 to Rs. 12,50,000 - 20%
From Rs. 12,50,001 to Rs. 15,00,000 - 25%
Income over Rs. 15,00,000 - 30%

GOVERNMENT BODIES CONCERNED WITH TAX-RELATED GUIDELINES & DISCREPANCIES

A government agency that collects taxes directly in India is the Income Tax Department. All departmental operations are handled by the Indian Central Direct Tax Board (CBDT). Under the Department of Revenue of the Ministry of Finance, the Ministry of Corporate Affairs (MCA), the Income Tax Department (IT Department) is responsible for monitoring the collection of the following:

Income Tax,
Expenditure Tax and,
Numerous other Finance Laws are passed annually by our Union Budget.

STEP-BY-STEP GUIDE TO PAYING INCOME TAX THROUGH ONLINE BANKING:

The taxpayer must have his / her (PAN) Permanent Account Number in order to register himself/herself with PAN as the user ID in the account in order to pay for IT thereafter. Form 16A, Form 16 B, or Form 16C, are interest certificates issued by a bank or post office. Form 26AS, proof of investment tax savings other documents to be kept useful when paying taxes online.

Step 1: To pay your taxes online, the taxpayer must go to the link- http://www.tin-nsdl.com> Services> e-payment: Select Pay Taxes or click on the "pay taxes" tab. on the specified website.
Step 2: The taxpayer has to select the appropriate challan i.e., ITNS 280, ITNS 281, ITNS 282, ITNS 283, ITNS 284, or Form 26 QB requiring payment (only by TDS when the property is sold) as applicable.
Step 3: The individual must enter the PAN / TAN (as it should) and other obligatory challan details such as the head of the account, the address of the taxpayer, the bank from which the payment should be made, etc.
Step 4: When the data is submitted, a confirmation screen will appear. If PAN / TAN operates according to the ITD PAN / TAN master, the full name of the taxpayer per master will be displayed on the confirmation screen.
Step 5: In verifying the data entered, the taxpayer will be directed to the bank net-banking website.
Step 6: The taxpayer must access the net-banking website with the user id & password provided to the bank for net-banking purposes and enter the payment details at the bank.
Step 7: For the successful payment, a challan counterfoil containing the CIN, payment details, and bank name will be displayed. This contradictory factor will be the proof that payment was made.

CONCLUSION

In some cases, the government even offers tax deductions for the benefit of low-income individuals. In order to collect long-term revenue, the government also provides income tax compensation. The amount invested in tax savings programs is deducted from total revenue, which reduces the amount of taxable income and benefits the taxpayer. About 71 percent of total government revenue is collected through taxes and duties, while nine percent comes from tax-free revenue, and the remaining 20 percent is paid on loans and other loans. Government revenue is used for a variety of purposes, such as partial tax payments and services, interest payments, costs of centralized industrial and government-funded programs, pensions for retired government employees, security costs, benefits, and financial expenses. the commission, transfer, etc.

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