5 Questions that pop up in the Minds of Adults when they Start Paying Taxes

Tax disclosure

Filing taxation is no easy task all on its own. There’s always this fear of things getting wrong, deadlines getting missed, calculations getting wrong and what not. For any newly earning person, filing taxes can be a nightmare that has to dealt away with as soon as possible, however, there are always some questions that these people have in their minds before venturing into the unseen land of taxation; we’ll address them here itself.

  1. When are the taxes due?

The most basic and fundamental question that anyone in the shoes of newly earning professionals would ask is the deadline for tax filing. Deadlines may always vary from year to year, country to country, you just need to check out the website of the finance ministry for the latest details whether its deadline for filing income tax or any other tax that you want to file.

  1. The Minimum income required for filing taxes

Other major criteria for filing taxes are the minimum income required for filing taxes. In India, the minimum income required to file taxes is INR 250000. So whosoever earns equal to or more than 2.5 lakh rupees per anum is eligible to pay taxes to the government of India.

  1. Tax Rate

The question of the tax rate is one which sometimes confuses even the most experienced adults. Whether it’s an inexperienced person or an experienced taxpayer everyone needs to keep in check with the current tax rate for each income slab and file taxes accordingly. You can always ask for help from Google or professional Chartered Accountants to help you guide through the process of filing taxation.

  1. How to file your own taxes

One of the most fundamental questions a noob will ask is about the process of filing taxes. You just need to log on to the website of the Finance Ministry, open the portal of Indian Revenue Services and file your taxation. There are many parameters given on the website itself that you need to keep in mind, just read through the instructions carefully and file your tax following those steps all for a free of cost.

  1. For how long should I keep tax documents?

This is another question which is really important. It is always advised to keep at least 3-5 years of previous year documents with yourself, they might come in handy at the time of audit or while you go over to claim your tax refunds with the IRS department, anyhow keeping previous documents is always beneficial, it gives you a safe option whenever you might need to refer to your documentation for any future callbacks and references.

Filing tax is the fundamental duty for all the earning population of a country. Though the process of filing taxes is never all simple, it always includes some complex steps and calculations that only the experiences individuals have the know-how to deal with. It’s always better to ask for help at any step that you may seem to require.

Anum

Anum Yoon is the founder and editor of Current on Currency. She loves all things personal finance, which is why you'll find her work all over the PF blogosphere.

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