How to Check Your Income Tax Due in India for a Financial Year
India has a robust and efficient system for filing and paying income tax. This guide will help you understand how you can check your income tax due for a financial year through various methods. Ensuring you are on top of your tax obligations is crucial for avoiding penalties and ensuring compliance. Let's explore the most effective ways to check your tax dues.
Methods to Check Your Income Tax Due in India
1. Visiting the Income Tax Departments Official Website
One of the most reliable methods to check your income tax due for a financial year is through the official website of the Income Tax Department. This digital portal provides detailed information and ensures accuracy in your tax details.
Visit the official Income Tax Departments e-filing portal. Log in using your credentials, including PAN password and captcha. Navigate to the “My Account” section and select “View Tax Credit Form 26AS” to check your tax details, including any dues.2. Accessing Form 26AS
Form 26AS is a crucial document that provides a summary of your tax credits and payments. You can view this form through the e-filing portal or via your net banking account, where many banks provide this service.
Log in to your net banking account to access your Form 26AS. Review the details to ensure accuracy and to determine if you have any outstanding dues.3. Using Tax Calculation Tools
Online tax calculators available on various financial websites can help you estimate your tax liability based on your income and deductions. This is a useful tool for individuals who prefer to manage their taxes independently.
Visit reputable financial websites that offer free tax calculators. Input your income, deductions, and other relevant tax details. Review the calculations to understand your estimated tax due.4. Utilizing Mobile Apps
The Income Tax Department's mobile app offers a convenient way to check your tax details, including dues. This app is accessible on both Android and iOS platforms.
Download the Income Tax Department app from the App Store or Google Play. Log in with your PAN details and follow the prompts to view your tax information.5. Consulting a Tax Professional
If you are unsure or need detailed assistance, consulting a tax professional or chartered accountant can provide clarity on your tax dues and obligations. They can offer personalized advice and help you navigate complex tax laws.
Identify a reputable tax professional or chartered accountant in your area. Schedule an appointment to discuss your tax situation in detail.Compliance Timeline for Income Tax in India
For those whose income in the preceding year has exceeded the maximum permissible taxable limit of Rs. 2.5 lakhs for the general population and Rs. 3 lakhs for individuals above 60, compulsory tax filing is required by July 31st as per the Income Tax Act 1961. If you are unsure about the amount payable, consulting a Chartered Accountant (CA) is recommended.
Though you can determine and file your taxes online yourself, consulting a professional can provide peace of mind and ensure your compliance.
Online Registration for E-filing Taxes in India
To start e-filing your taxes, register yourself on the e-Filing Home Page Income Tax Department Government of India. Follow the subsequent steps to file your taxes online:
Log in to the e-filing portal with your PAN details. Fill in your personal and financial details accurately. Attach relevant documents and start the e-filing process. Submit your tax declaration and pay any due amounts.Mistakes to Avoid During Online Tax Filing in India
Before you e-file your taxes, make sure to read an article on common mistakes people make while filing taxes online. These include:
Entering incorrect PAN details. Forgot to attach necessary documents. Misreporting income or deductions. Delaying the submission due to procrastination.By following these steps and avoiding these common pitfalls, you can ensure a smooth and successful tax filing process.
Note: Ensure you have your PAN and relevant financial documents handy when checking for your tax dues.