BFSI GUIDE

Consumer Voice - - Contents -

Your In­come Tax

Do Not Evade – Save It

“The hard­est thing to un­der­stand in the world is in­come tax,”Al­bert Ein­stein had said.

Con­sumer Voice

In­deed. Af­ter a few de­lib­er­a­tions and sec­ondary re­search, Team found that while some of us would know of pro­vi­sions that could help in sav­ing in­come tax, there are oth­ers who know lit­tle. Yet, in times of fi­nan­cial fru­gal­ity, when earn­ings re­main stag­nant, ex­penses keep ris­ing and sav­ings keep di­min­ish­ing, sav­ing on tax is one of the first op­tions that each earn­ing in­di­vid­ual thinks of. Keep­ing this in view, here we have col­lated all those sec­tions of the In­come Tax Act that each tax-pay­ing in­di­vid­ual must know about, so they are able to save the amount that they oth­er­wise will be pay­ing as tax.

Yet again, the last work­ing day of Fe­bru­ary will see the union fi­nance min­is­ter pre­sent­ing the coun­try’s an­nual bud­get. And once again, about three per cent of the coun­try’s pop­u­la­tion – peo­ple who pay tax an­nu­ally – will prick their ears up when they hear the min­is­ter ut­ter­ing re­bate, re­lief, ex­emp­tion, abol­ish and other such terms that mean a bit more sav­ings for the com­mon man.

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