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Introduction Paying income tax is the duty of every Indian citizen, but many people still do not understand the important tax provision properly. The result? Either the annuities pay more tax or face penalties. If you get the basic rules clear, tax planning becomes easier and you are able to make t
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For FY 2024-25, income up to Rs 3,00,000 in the new tax regime is not subject to tax.
Section 80C is a popular provision allowing a maximum deduction of up to Rs 1.5 lakh on investments like PPF, PF, life insurance premiums, and home loan principal repayment.
Capital Gains Tax is levied on profits from selling assets. Short-term gains are taxed at slab rates or 15%, while long-term gains on shares/mutual funds are tax-free up to Rs 1 lakh, then taxed at 10%.
TDS is a portion of income directly deducted by the payer (like an employer or bank) and deposited with the Income Tax department before it's paid to the recipient.
Filing your Income Tax Return (ITR) late or with incorrect details can lead to penalties, including a late filing fee of Rs 5,000 under Section 234F, and potential interest charges.
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