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Section 4 Income Tax Basics 3

Section IV: Income Tax Basics

5. Form 26AS

Form 26AS is a summary of taxes deducted on your behalf and taxes paid by you. This is provided by the Income Tax Department.

It shows details of tax deducted on your behalf by deductors, details on tax deposited by taxpayers and tax refund received in the financial year. This form can be accessed from the I-T Department’s website.

6. Bring your taxable income down by with deductions.

The lower your taxable income, the lower taxes you ought to pay. So be sure to claim all the tax deductions and benefits that apply to you.

Section 80C of the Income Tax Act can reduce your gross income by Rs.1,50,000/- There are a bunch of other deductions under Section 80C to 80U that reduces your tax liability.

7. Show the income tax department you have paid all your taxes.

Any individual whose income exceeds Rs.2,50,000 (for FY ending March 31, 2015), is required to file their income tax return in India.

I have paid all my taxes, do I still need to file my Income Tax Return? Yes.

Section IV: Income Tax Basics



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