first time income tax

[Guest]

How to file income tax for the first time? How to include income from sb accounts and fixed deposits?

[Ganeshan Kalyani]

If you are salaried assessee then filing of return is simple than that of a business entity.

Visit https://incometaxindiaefiling.gov.in

[DR.MARIAPPAN GOVINDARAJAN]

If you are salaried employee, the employer himself deduct tax for the whole financial year. The interest from SB account is exempted upto ₹ 10,000/-. Beyond this amount it is taxable. The interest on fixed deposits is not exempted and liable tobe taxed. You may inform this type of income to your employer who will deduct tax for that portion also. Or you may separately assess the tax and pay to the credit of the Central Government and file return accordingly.

[Pranali Sharma]

Before going to file your income tax, you must know your PAN card details to file properly, you can file via income tax official site or need to talk with CA to file returns.

AI Summary

First-Time Income Tax Filing Tips: Report Savings & Fixed Deposit Income, Use PAN, File Online or with CA Help. A user inquired about filing income tax for the first time, specifically regarding income from savings accounts and fixed deposits. Responses suggested that salaried individuals have a simpler filing process, often with taxes deducted by employers. Interest from savings accounts is tax-exempt up to 10,000, while fixed deposit interest is taxable. It's recommended to report such income to the employer for tax deduction or pay taxes independently. Additionally, having PAN card details is essential, and filing can be done through the official income tax website or with the help of a chartered accountant.