Need to know about income tax

u need to explain sources of ur income and amount too...if possible attached excel sheet of income computation.

All the items which you can think as your income are subject to the provisions of income tax act( profit from business , interest of fixed deposits , saving bank interest , salary , rental income, etc ) . If the total of all this exceeds the basic limit ( 2 lacs if you are aged less than 60 years ), then you have to pay income tax as per the slab rates. You can save tax by investing in PPF , by paying life insurance premiums, mediclaim. I am assuming you are doing business as a sole trader. You should maintain the accounts of your business from the start itself because one or the other year you will be required to file income tax return. Better to maintain accounts from the start. You should also maintain details of sales and purchase, and a bank book in excel which is your passbook which will serve as a record who gave payment and to whom you paid and against which bill .maintain this on an year on year basis. Your questions welcome. Email.: rajcdoshi @ gmail.com

Ask your employer to issue form 16 to you. Last date for filing IT return is 31st July. Create your account in income tax website using your PAN. Check 26AS.