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BANGALOREUNIVERSITYNo. FBI/IT/202223Office of the Finance officer Jnanabharathi Bengaluru 560 056 Date: 07.11.2022 Circulars: Deduction of Tax at source from Salaries Calculation of Income Tax Ref:
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01
Gather all necessary documents such as W-2 forms, 1099 forms, and receipts.
02
Calculate your total income including wages, salaries, dividends, and any other sources of income.
03
Determine your deductions including expenses for healthcare, education, and charitable donations.
04
Fill out the appropriate tax forms such as 1040, 1040EZ, or 1040A.
05
Submit your completed tax forms either electronically or by mail.
06
Wait for confirmation of receipt and any potential refunds or additional payments.

Who needs submission of income tax?

01
Individuals who earned income during the tax year.
02
Self-employed individuals
03
Business owners
04
Freelancers
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Individuals with investments or rental properties
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Submission of income tax is the process where individuals or businesses report their income to the government, calculate the tax owed, and pay the required amount.
Individuals and businesses who meet certain income thresholds set by the government are required to file submission of income tax.
Submission of income tax can be filled out either manually using paper forms provided by the government or electronically through online tax filing platforms.
The purpose of submission of income tax is to ensure that individuals and businesses are contributing their fair share towards funding government services and programs.
Income, deductions, tax credits, and any other relevant financial information must be reported on submission of income tax forms.
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