BFSI GUIDE

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.