where and when shoul i be paying income tax?



am newly started working and i don have defined salary… but am planning for a pan number. so am i liable fo tax payment? whre shoul i pay? when?

where and when shoul i be paying income tax?
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5 Replies to “where and when shoul i be paying income tax?”

  1. Tax paid as per Financial year (March to April). If you salary and other source income totalled upto 1.5 lac. you don’t have pay tax. If you salary and other source incomes cross 1.5 laks then you have to pay tax 10% to 20% according to the amount profit. You can open Pan Card, but that doesn’t mean you have to pay tax. Even housewives can have pan card.


  2. Sir,

    As you newly started working you not worry about the Tax Payment.

    If you get a PAN it is not necessary to file Income Tax return or to Pay Taxes untill unless your earning from salary up to 31st March 2010 is above Rs.160000/-.

    If you going to earn the above mentioned limit you plan to Invest in Tax saving instrumnets like PF, LIC etc. where you can invest up Rs.100000/- and get exemption under section 80 C by the Income Tax Department.

    And if your earning are going beyond Rs.260000/- up to 31.03.2010 then your employer force to deducted TDS you don’t worry to pay tax it is your employer duty.

    Hope this imformation help you.


  3. hi friend.

    good question but not smart
    many people don’t know whats use of pan card.
    most of people say that if you have pan card then you have to pay income tax.
    this kind of all things are wrong.
    even minor child have pan card if very useful for many way.

    when your income is more then 50000 then if you want then you can file IT return.
    and f.y 2008-09 150000
    & f.y. 2009-10 160000 are tax free
    if your income is more than 160000 in this year then you have to paid income tax .

    so pan card is necessary for IT return.
    and now a days pan card if very useful



  4. Every person should have a PAN.

    With this you only open an account with the Income Tax Dept.

    You pay tax only if your annual income exceeds Rs 1.6 lakhs. You can pay tax before 31st July, if you are liable, online or thru a challan. Most probably your employer will deduct TDS and deposit it.

    PAN is essential for opening a demat a/c and for some financial transactions.

    HMT





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