In India, it’s a tax mandate for individuals earning over Rs 2,50,000 annually to file their income taxes, ensuring tax compliance. Even if taxable income is zero, individuals must still file taxes, declaring their non-taxable status. When filing, taxpayers must transparently disclose income from all sources, including employment, capital asset transactions, and other avenues.
Who needs to pay?
Income tax filing is typically open from April 1 to July 31, with possible one or two-month extensions. PAN and Aadhaar cards are essential, issued by the Income Tax Department and Unique Identification Authority of India, respectively. For those unsure about their taxes, seeking the assistance of chartered accountants is advisable. Accurate tax filing is imperative to maintain tax compliance.
Save on Income tax by investing through these methods:
- Fixed Deposit
- Public Provident Fund (PPF)
- Unit-Linked Insurance Plan (ULIP)
- National Savings Certificate (NSC)
- Senior Citizen Savings Scheme
- Life Insurance
- Pension Plans
- Health Insurance or Mediclaim
- New Pension Scheme
- Tax-Saving Mutual Funds
