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If you are paying income tax for the first time, then know these important things; Read the answers to all your questions

The Income Tax Department has fixed July 31, 2023, as the last date for depositing income tax for the financial year 2022-23 (Assessment Year 2023-24). Those taxpayers who are not required to get their accounts audited, have to deposit the tax by this date. For this reason, most salaried people have to deposit tax by this date.

As per income tax rules, after the end of the financial year, the employer has to issue Form 16 to all the employees before 15th June of the next financial year. If you also come under the ambit of tax, then we have brought answers to all the questions related to income tax in this report for you.

Frequently asked questions

What is ITR filing?

ITR filing is an annual process, every person who comes under the tax net has to pay tax every year. If any person has deposited more tax during the financial year in ITR, then he can also claim it.

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In how many ways can ITR be filed?

In the first method, you fill out income tax through the offline form. In the second way, you pay income tax electronically through a digital signature. The third method is a kind of shortcut, in which you fill your ITR details through an electronic verification code. The fourth way is that you submit the basic information of your ITR online and later verify it through ITI Form-V.

What documents are required to file income tax?

To pay income tax, you only have to fill out the form issued by the IT department. You do not have to attach any kind of document to this. If the tax authority makes any demand, then you will have to show documents related to your income.

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How can I pay income tax?

An e-filing portal (https://www.incometax.gov.in/iec/foportal) has been created for filing returns by the Income Tax Department.

Is there any charge for filing income?

The IT department does not charge you for paying income tax. You only have to pay taxes according to your income.

What is Form 26AS?

Form 26AS is a consolidated annual tax statement form. It is considered very important for filing income tax. It is a kind of tax passbook, in which all the transactions done on a PAN card are recorded.

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