What is the simplest way to pay income tax in India ?

Question

This question is in the context of a very simple rental income of Rs. 3,000 /= per month.

Income tax is to the state government of central government?

Are there forums / organisation which assist a citizen in directly approaching the income tax department, without going through an auditor or accountant and filing the returns?

Thanks.

Answer 1

Your rental income Rs.3000/- per months work out to Rs.36,000/- less rebate @30% rebate for repairs will be Rs.25,200/-. You need not pay any Income tax unless your income exceeds the taxable income after deductions. (Tax limits. Male/HUF Rs.1 lakh, Female <65 years Rs.1,35,000/- & Male or Female >65 years Rs.1,85,000/-)

In India the Income Tax is under Central Govt. and the state will get some % in the tax collected from that state.

For preparation of Income Tax returns, it is better to contact a local tax consultant. For simple tax returns, the fee will be between Rs.1000 to Rs.2000 depending upon the consultant.

I advise you not to directly contact the Income tax department in this connection. Tax consultant is the right person for it.

Reddy

Answer 2

Rental income of 3000 pm does not attract income tax. Total income should exceed Rs. 1 lac.
If you have to pay tax (in case income exceeds minimum tas free limit) your local bank can help you. Fill up the challan with your PAN No. and other details and pay your tax in cash or cheque.
The new 'Saral' form is easy and simple. Get one from the IT office (or a CA) and fill it up and file it in the Income Tax office in your area. Remember that a return need not be filed if 'total income' does not exceed Rs. 1 lac.

Answer 3

there is no way to pay income tax in a simple way cuz the income tax act is too complicated.also it is the longest act in the world.....there are too many sections to adhere to.u can get exemptions if you are havin a housing loan...the interest that you have paid on the loan in the particular year,is fully deductible.if you are havin a insurance policy(there is a ceiling limit for this),medical reimbursement,mind you its reimbursement not expenses it is deductible upto Rs.15000 maximum.
you may also have to refer to section 80 of the act for further rebates or exemptions....and lastly it is your assessinhg officer who should be satisfied with your return.....cuz the act says..i'll tell you in simple words..that information furnished should be to the satisfaction of the assessing officer.this is for your information.if you are workin then your employer should take care of it.if you are self employed take the help of a chartered accountant.....because income tax calculations are different for service people,self employed professionals(doctors,lawyers etc.) n businessmen.
hope you got your answer

Answer 4

Income tax always go to central government. That is why Civil Servents find that place to their liking

Answer 5

Income Tax is subject matter of Central Government.

You mentioned context of simple rental income ofRs.3,000/-per month. No separate income tax is payable on this amount. If you get Rs.36,000/- as rent for entire year 30% of it i.e. Rs.10,800/- is deductible under section 24. The net income from house property addable to your total income comes out to be Rs.25200/-.
If your total income including this income is below Rs.1 lac, you need not pay any tax. This exempted income is Rs.1.35 lacs in case women and Rs.1.85 lacs in case of senior citizens. Again this taxable income amount is to be worked out after adjusting deductions of section 80.

If your taxable income with
(i) after deductions under section 80
(ii) inclusion of income from house property(after allowing 30%)
is less than
Rs.1.35 lacs (in case of women)
Rs.1.85 lacs (in case of senior citizen)
Rs.1.00 lac (in othercases)

you need not pay tax.

If it exceeds, suitable tax - interest may be worked out and paid by way of proper challans through any nationalised bank in your town.

BEST OF LUCK

Answer 6

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