Personal Taxation

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Feeling Overwhelmed by Personal Taxes? We've Got You Covered.

Tax season doesn’t have to be a headache. At FinTaxCare, we understand the complexities of personal taxation in India. Our team of experienced professionals is here to ensure your tax filings are accurate, efficient, and maximize your deductions and credits.

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Residential Status

Your residential status determines which taxes apply to your income. Here are the main categories:
Resident (Indian citizen) for more than 182 days in a year: Taxed on your worldwide income.
Resident (Indian citizen) for less than 182 days in a year: Taxed on income earned in India and income received in India from foreign sources.
Non-resident Indian (NRI): Taxed on income earned in India or received in India from foreign sources.

Income Brackets and Tax Rates

The current tax regime offers two options:
Old Regime: Offers deductions and exemptions, potentially resulting in lower tax liability in specific cases.
New Regime: Features simpler deductions and lower tax rates (2.5%, 5%, 10%, 15%, 20%, 25% + surcharge and cess).
Income slabs and rates for both regimes are regularly updated, so consult the official Income Tax Department website for the latest information: https://incometaxindia.gov.in/

Understanding Different Types of Income

Salary: Income from employment, subject to Tax Deducted at Source (TDS) by your employer.
House Property: Income from rent, after deducting municipal taxes and repairs.
Business & Profession: Income from running a business or profession, after deducting business expenses.
Capital Gains: Profits from selling assets (e.g., stocks, property), subject to specific tax rates.
Other Sources: Interest, dividends, pension, etc., taxed as per their respective categories.

Deductions and Exemptions

Claiming eligible deductions and exemptions can significantly reduce your taxable income. Some common examples include:

  • Standard deduction (Rs. 50,000 for salaried individuals under the new regime).
  • House rent allowance (HRA) for salaried individuals.
  • Education loan interest.
  • Medical expenses.
  • Donations to charitable institutions.

Keep detailed records of your expenses to support your claims.

Key Points to Remember

  • Always file your ITR on time to avoid penalties.
  • Pay taxes in advance through TDS or self-assessment to avoid interest charges.
  • Keep accurate records of your income and expenses for future reference and potential audits.
  • Seek professional advice from a chartered accountant if your tax situation is complex.

Tax Filing Requirements

The deadline to file your income tax return (ITR) depends on your income and filing type. Visit the Income Tax Department website for specific deadlines and procedures: https://incometaxindia.gov.in/

Disclaimer: This guide is intended for informational purposes only and should not be construed as professional tax advice. Please consult with a qualified tax advisor for personalized guidance based on your specific circumstances.

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