Income Tax on first time tax payer

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  1. avincse

    avincse New Member

    I am a freelance IT Developer. I started earning from this year and would like to have a legal tax statement.here are my various earning sources
    1. Freelancing
    2. Agriculture Income
    3. Stocks & Options Trading

    All in all till now I have earned close to 2,25,000 INR. (calculated from April 2014) How should I go about paying my tax? Please direct me to a good platform that helps me with paying my tax and filing my returns.
     
  2. rudrabose

    rudrabose Active Member

    There are various portals through which you can file your return and pay taxes online.

    However, I would like to share with you the fact that if your income is less than Rs. 4 Lakhs you are not required to pay any tax if you make the right investments.

    This can be explained with the help of an example:-

    If your income is Rs. 4 Lakhs, you are allowed to claim deduction of Rs. 1.5 Lakhs for Investments made under Section 80C

    The Balance Taxable income would be Rs. 2.5 Lakhs. No Tax is levied for taxable income below 2.5 Lakhs. Refer: http://www.charteredclub.com/income-tax-slabs/

    Therefore, in your case - if you act wisely - all taxes can be legally saved.
     
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