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Income Tax Returns in India
Income Tax Returns in India are applicable to all individuals who earn that amount of money which is designated as taxable by the government of India in the annual budget. Besides this, taxes are also imposed on companies, co-operative societies, trusts, firms and undivided Hindu families. The net direct tax collection for the first seven months of the current fiscal was Rs.1,73,447 crore, registering a growth of more than 3% than the collections of the same period last fiscal.
There are several forms available for filing tax returns in India. Tax payers will have to find out which form they will have to fill up to file their tax. Form 2D, popularly known as Saral Form is used for the assessment and tax payment of individual who are working in the corporate sector. Form16A is for those tax payers whose income from their salary is subject to tax deduction at the source. Form 2E is for the undivided Hindu family who do not run a business or have agricultural earning.
Besides these, there are other criteria by which one can come under the category of tax payer. Any person in India who falls under any two of the criteria mentioned below:
Online tax payment has come as a boon to many tax payers. Filing online income tax return in India is a hassle free method; you just need to log in to the site and pay your taxes. For using the E-payment facility you will need to have a net banking account with any of the banks, mentioned in the list below:
Non payment of tax attracts penalty for the individual or the organization. A person may be required to pay an interest of 1% each month for the delay of tax payment. A tax payer who does not pay taxes after the year end will have to pay a fine of Rs 5000 along with the 1% interest each month for the delay.
Besides these, there are other criteria by which one can come under the category of tax payer. Any person in India who falls under any two of the criteria mentioned below:
- If a person owns movable property of the dimensions specified
- If a person owns a car
- If a person subscribes to a telephone
- If a person has gone on a foreign trip in a year
- If a person holds a credit card which is not an add-on card
- If a person is member of a club, where the entrance fee is more than Rs.25, 000
Online Tax payment
Online tax payment has come as a boon to many tax payers. Filing online income tax return in India is a hassle free method; you just need to log in to the site and pay your taxes. For using the E-payment facility you will need to have a net banking account with any of the banks, mentioned in the list below:
- ICICI Bank
- IDBI Bank
- Indian Bank
- Indian Overseas Bank
- Jammu & Kashmir Bank
- Oriental Bank of Commerce
- Punjab National Bank
- State Bank of Bikaner & Jaipur
- State Bank of Hyderabad
- State Bank of India
- State Bank of Indore
- State Bank of Mysore
- State Bank of Patiala
- State Bank of Travancore
- Syndicate Bank
- Axis Bank
- Union Bank of India
- United Bank of India
- Vijaya Bank
- Allahabad Bank
- Andhra Bank
- Axis Bank
- Bank of Baroda
- Bank of India
- Bank of Maharashtra
- Canara Bank
- Central Bank of India
- Corporation Bank
- Dena Bank
- HDFC Bank
Penalty for non payment of tax
Non payment of tax attracts penalty for the individual or the organization. A person may be required to pay an interest of 1% each month for the delay of tax payment. A tax payer who does not pay taxes after the year end will have to pay a fine of Rs 5000 along with the 1% interest each month for the delay.
