Income tax is a tax imposed on individuals or entities in respect of the income or profits earned by them. Income tax generally is computed as the product of a tax rate times the taxable income.

It can pay under https://www.incometax.gov.in/iec/foportal

Who is liable to pay income tax?
  • Any Indian citizen aged below 60 years is liable to pay income tax if their income exceeds Rs 2.5 lakhs.
  • If the individual is above 60 years of age and earns more than Rs 2.5 lakhs, he or she will have to pay taxes to the Government of India.
How to compute income tax?

       Income slabs                                                      Income tax rate (%)

  1. Up to Rs 2.5 lakh                                                         Nil
  2. Between Rs 2, 50,001 and Rs 5 lakh                        5%
  3. Between Rs 5, 00,001 and Rs 7.5 lakh                    10%
How to pay income tax?
  1. Login: Visit the official income tax department (TIN NSDL website).
  2. E-payment: Click on the ‘e-payment’ section.
  3. Challan number 280: Click ‘Challan 280’ to pay your due income taxes.
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