Income Tax Record management System
The income tax office maintains records of the taxpayers and the tax paid by each individual every year. Each taxpayer is identified by his adhaar_no, pan_no, name, address, and phone number. Every year, each Taxpayer provides the details of his income such as income from a job, income from other business, income from the property. Various investments such as provident fund, policy amount such as LIC policy or hdfc policy, housing loan, house rent, etc are also to be provided. The taxable income per year is calculated as annual total_income – annual total_investments. The tax slab is fixed by the income tax office to know the amount of tax each individual has to pay.
If the net income after appropriate deductions is less than 2,50,000 then the tax rate is NIL
If the net income is between 2,50,000 and 5,00,000 then 10% of the amount by which taxable income exceeds Rs. 2,50,000.
Between 5,00,000 and 10,00,000 then 20% of the amount by which taxable income exceeds Rs.5,00,000 More than 10,00,000 then 30% of the amount by which taxable income exceeds Rs.10,00,000
Based on this slab, the individual pays the tax.
The main objective of this project is to build a management system for tax officers where they can see the various taxpayers’ information. Whether they have paid the tax or not. Are there any defaulters? Does the tax rate or slab need to be increased? For Taxpayers, the main objective is to provide them a way to easily fill their details such as their personal information like PAN no, Adhaar No, Incomes, Investments and based on these values get the tax slab and the percent of tax they have to pay.