Basics of Income Tax for Beginners

Paying your first income tax is a milestone for any citizen. However, the process can seem very complicated and tedious for beginners, and some words often go over your head. This should not be the case. To help you understand the meaning of your income tax (based on your income source), here is a combination of the basics of beginner income.

Updated on:  
18min

1. Basics of Income Tax for Beginners

Are you just out of college and looking for a job? Or have you already landed the job and are going to file your income tax returns for the first time? If nitty-gritty of income tax and investments confuse you, ClearTax is here to help. Our aim at ClearTax is to simplify Income Taxes for you and make your financial lives easier. Basically, anybody with an income is liable to file income tax returns. Today we bring to you the basics of Income Tax you’ll need to equip yourself with and this should help you take a confident first step into your job.

Frequently Asked Questions

question_icon

Image in TDS salary

answer_icon

Aditya is a 25-year-old software engineer living in Mumbai. He spends his free time enjoying his new financial freedom. This is his first job and he has no knowledge of taxes or savings. But it was almost the end of January and Aditya overheard his friends talking about Section 80C and how they were paying taxes on Section 80C. Aditya earns Rs 6,60,000 a year. Here are the details of his salary.


CEO Krishna Gopal

Krishna Gopal Varshney is a Chartered Accountant by profession & entrepreneur by passion. He is the co-founder & CEO of Myitronline.com. Myitronline is amongst the top emerging startups of Asia and authorized ERI by the Income Tax Department. A dedicated and tireless Expert Service Provider for the clients seeking tax filing assistance and all other essential requirements associated with Business/Professional establishment. Connect to us and let us give the Best Support to make you a Success. ”

Krishna Gopal Varshney
Co-founder & CEO