The income tax is collected by the Indian Government in 3 different ways: A. Voluntary Payment by Taxpayers in Banks B. Tax Deducted at Source (TDS) C. Tax Collected at Source (TCS)

Yes. The lottery or prize amount is taxed at 30% with no exemption.

It is a statement which contains details of TDS, TCS, advance tax, and paid refund. It is maintained and generated by the Income Tax Department for every individual.

Tax Deducted at Source (TDS) is the tax which is deducted by the employer from the income. Any tax deducted at the origin of the income is called TDS.

Yes. It is mandatory to disclose every source of income even if it is exempted from tax. ITR filling is mandatory for every earning individual liable to pay tax.

The last date to file an ITR is 31st July. The last date to make investments under section 80C to reduce the tax liability of the financial year is 31st March.

Financial Year (FY) is the year between 1st April and 31st March in which you earn your income while Assessment Year (AY) is the year followed by the financial year in which you have to evaluate the income earned during the previous financial year and pay taxes on it.

Yes. Income from the pension is taxed as per the tax slab, however, pensions received from the United Nations Organization is tax-free.

Form 16 is a certificate for TDS deductions given by the employer. It also contains the details of salary, allowances, and other deductions.

No documents are needed to be attached necessarily unless the Income Tax Department asks you to personally submit documents.