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Online methods which can be used to compute and pay income tax online are used by individuals and / or tax payers all around the globe. These systems are very interactive and they are very secure, they can be used to the fullest in filling return of income. Online income tax payment is not a new phenomenon. This has been there since last decade and people use it with complete confidence and ease. Online income tax payment system generally entails following characteristics; Name, father’s name and other important personal details are entered in to the online system. A new tax payer is issued a tax number which is unique in every respect. Old tax payer is required to enter the tax number and enter the online computational data base. Use ids and passwords are also made in this respect. The IDs and passwords are unique for every individual and they are commonly used to log on in to the system. The Income tax calculator also entails following details, which has to be entered in to the system; Any property owned by the tax payer, his or her children, spouse and other dependents. Whether the property is in an urban area or whether the property is in rural area. Covered area of the property owned by the tax payer and rent and other income attained as a result of property owned by the tax payer. Motor vehicles which are owned by the tax payer are also accounted for. The brand, year of make and the engine power of the vehicle used and / or owned by the tax payer is accounted for by the system. This also includes the vehicles owned and maintained by spouse, children and other dependents. Artifacts and other collectable items are also required to be mentioned amongst the list of fixed assets owned by the tax payer. These items are also used for calculating the income tax for the period and they should be represented while filing return of income and when computing tax for the period. Bonds, share certificates and other financial instruments owned or possessed by the tax payer should also be mentioned on the return of income. They might provide a tax relief to an individual. Charity work and other donations given to the registered organizations should also be mentioned on the return of income. These may help the tax payer in securing relief and exemption from certain taxes. When the person, individual and / or the tax payer has more than one source of income, he or she is also required to file a separate return of income under the same name and the same tax number. Such is also calculated with reference to the original return of income and exemptions if any are allotted wholly to the tax payer. Nobhila Sharma is a freelance writer and blogger, and in this article writes about Online income tax payment and income tax calculator. For more information, Please visit http://www.makemyreturns.com/
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Online income tax payment, income tax calculator,
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