Q. WHAT IS INCOME TAX ?

 

A. Government needs money to run the country. Hospitals , Schools, Roads, Bridges, Railways, everything which is government owned is run in public interest and not with intention to earn profits thus there is always need of money. Government meet their fund requirement by taking money from citizens who can afford to pay , only fact is, this contribution is made compulsory for people who can afford it and is popularly called as income tax.

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Q. WHO ARE LIABLE TO PAY TAX ?

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A. Every Year Government of India in Union Budget declares income limit up to which No income tax is payable. This income Limit is different for senior citizens and non senior citizens .

For Financial Year 2018-19 (AY 2019-20) Limits are 2,50,000 for Individual and 3,00,000 for senior citizens. Upto this limit no tax is payable.

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Q. WHAT IS INCOME TAX RETURN & WHO ARE LIABLE TO FILE IT ?

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A. Income Tax Returns are Statement containing  Details of income earned, Deduction claimed and Tax payments made, required to be submitted on yearly basis. Every Individual Who's income is above Income Tax limit as discussed above, is required to file income tax return in prescribed form and within given time.

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Q. WHAT DOCUMENTS ARE NEEDED TO FILE INCOME TAX RETURN ?

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A. Following Documents are needed -

* PAN CARD

* AADHAR

* FORM 16/16A (IF ANY )

* BANK STATEMENT

* INVESTMENT DETAILS (PPF, GPF EPF, NPS, LIC, HEALTH INSURANCE ETC.)

* HOME LOAN , EDUCATION LOAN DETAILS (IF ANY )

 

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