Anyone in India who earns money, makes profit or is salaried has to pay direct taxes. There is a slab based on income below which tax is not applicable. But one should have an accurate idea of one's finances. The best way is to create a portfolio online or in your books.
You must keep a record of your financial transactions; manage receipts and expenses which are deductable. Keep record of all your shares, mutual funds and other types of equities that draw interest. The bank interest is subject to tax deduction at source hence if you issued form sixteen than you need to obtain certificate of interest from the bank.
The best way to plan your finance and asses your taxable income is to hire a professional. Your income tax lawyer or chartered accountant will be of immense help in this task. If you are in constant touch with these experts you can plan ahead before investments. You can save on tax using many schemes and benefits. For people with large incomes investment is solar energy or alternative energy certificate will also be beneficial. Alternative energy usage, purchase or investment fetches many taxing schemes as well as depreciation. Investment if government bonds as well as other schemes will be suggested to you by experts.
For salaried people, people with good income like doctors, businessmen and other professional filing income tax return is mandatory. The help will also be required whence selling and purchasing property, Selling invites capital gain tax and calculations have to be made as to how much gain is there. One has to pay tax on the gain before the year end.
You must remember that for taxable income people registration in the permanent account number scheme is mandatory. This means you must have the Pan Card containing the number. This card is of immense benefit to one all, besides being a good photo identity.
To apply for permanent account number one needs to down load the application form from the NSDL site. You can also download from Utiitsl or Income tax websites. After the form 49A is downloaded one has to fill it and provide all the details that are required. One needs to attach the required support documents. This would mean photo identity, address proof etc.
The filled form has to be submitted at the nearest Pan Center. Upon submission a number is given to the applicant. This number is used to inquire the status of pan card application online. The status could be checked on the official website. This keeps the applicant informed that things are moving on the right lines.
You must keep a record of your financial transactions; manage receipts and expenses which are deductable. Keep record of all your shares, mutual funds and other types of equities that draw interest. The bank interest is subject to tax deduction at source hence if you issued form sixteen than you need to obtain certificate of interest from the bank.
The best way to plan your finance and asses your taxable income is to hire a professional. Your income tax lawyer or chartered accountant will be of immense help in this task. If you are in constant touch with these experts you can plan ahead before investments. You can save on tax using many schemes and benefits. For people with large incomes investment is solar energy or alternative energy certificate will also be beneficial. Alternative energy usage, purchase or investment fetches many taxing schemes as well as depreciation. Investment if government bonds as well as other schemes will be suggested to you by experts.
For salaried people, people with good income like doctors, businessmen and other professional filing income tax return is mandatory. The help will also be required whence selling and purchasing property, Selling invites capital gain tax and calculations have to be made as to how much gain is there. One has to pay tax on the gain before the year end.
You must remember that for taxable income people registration in the permanent account number scheme is mandatory. This means you must have the Pan Card containing the number. This card is of immense benefit to one all, besides being a good photo identity.
To apply for permanent account number one needs to down load the application form from the NSDL site. You can also download from Utiitsl or Income tax websites. After the form 49A is downloaded one has to fill it and provide all the details that are required. One needs to attach the required support documents. This would mean photo identity, address proof etc.
The filled form has to be submitted at the nearest Pan Center. Upon submission a number is given to the applicant. This number is used to inquire the status of pan card application online. The status could be checked on the official website. This keeps the applicant informed that things are moving on the right lines.