Who should pay Income-tax?
For the financial year 2021-22, an Individual is required to pay income-tax if his/her total income exceeds Rs. 2,50,000. In case of resident individuals of the age of 60 years and above but below 80 years, the basic exemption limit is Rs. 3,00,000 and for resident individuals of 80 years and above, the limit is Rs. 5,00,000.
How to compute tax?
After ascertaining the total income, i.e., income liable to tax, the next step is to compute the tax liability for the year. Tax liability is to be computed by applying the rates prescribed in this regard. For rates of tax, refer "Tax Rate" section. Sample format will help in understanding the manner of computation of the total tax liability of the taxpayer.
How to Pay Tax?
An individual can make payment of Income-tax in following modes
- 1) Physical Mode - Payment by furnishing the hard copy of the challan at the designated bank
- a) Download Challan ITNS 280
- b) Tax Payment-Locate Bank Branch
- 2) E-Payment Mode
- a) Making payment by using the electronic mode
- b) See tutorial