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Your Gateway to Financial Stability
Investment
Wealth Creation
If your investment in not linked to an event or goal, start here
Specific Goal
Investing for a specific goal of marriage, education, Home, Car
Retirement
Planning for post-retirement life
Active Trading
Aiming for Active trading equity/derivatives
Personal Taxation
Income Tax Notice
If your investment in not linked to an event or goal, start here
Tax Planning
Investing for a specific goal of marriage, education, Home, Car
ITR Filing
Investing for a specific goal of marriage, education, Home, Car
Business Taxation
How Salary Income is Taxed
- Income Slabs: Salary income is taxed based on predetermined income slabs, with different tax rates applicable to different income brackets.
- Standard Deduction: A standard deduction of Rs. 50,000 is available to salaried individuals, reducing the taxable income.
- Income Tax Rates: The income tax rates for individual taxpayers in India vary depending on their age and income level. For the financial year 2023-24, the tax rates for individuals below 60 years of age are as follows:
- Up to Rs. 2.5 lakh: No tax
- Rs. 2.5 lakh to Rs. 5 lakh: 5%
- Rs. 5 lakh to Rs. 10 lakh: 10%
- Above Rs. 10 lakh: 15%
4. Tax Deductions: Tax deductions are available under various sections of the Income Tax Act, such as Section 80C (for investments in specified instruments), Section 80D (for health insurance premiums), and Section 80E (for education loan interest), among others.
Tips for Tax Planning
- Utilize Deductions: Take advantage of available tax deductions to reduce your taxable income and lower your tax liability.
- Invest Wisely: Invest in tax-saving instruments such as Employee Provident Fund (EPF), Public Provident Fund (PPF), and Equity Linked Savings Schemes (ELSS) to maximize tax benefits.
- Keep Records: Maintain proper records of your income, deductions, and investments to ensure accurate tax filing and compliance.
- File on Time: File your income tax return before the due date to avoid penalties and interest charges.
Why FinTaxCare?
At FinTaxCare, we’re committed to empowering investors with the knowledge and resources they need to succeed through its Research Reports. Whether you’re a seasoned investor or just starting out, we’re here to help you.