WebBefore making an investment, one has to consider the factor of tax saving and also choose the option based on their risk appetite. People can also plan their taxes based on their … Web20 hours ago · In addition, family pensioners opting for the new tax regime can claim a standard deduction of Rs 15,000 from their pension income. Soni highlighted that the rebate under section 87A has been hiked to Rs 7 lakh from Rs 5 lakh under the new tax regime. The rebate benefit will be up to Rs 25,000, provided income doesn't exceed the limit of 7 lakh.
Tax Planning Meaning - Importance & It
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Income Tax basics for Beginners: Tax Planning Guide in India
WebMar 12, 2024 · The Income Tax Act, 1961 is a complicated statute in itself. If you are looking to carry out your personal tax planning, you might it find it a real tough job to accomplish. … WebDec 20, 2024 · Personal income tax rates. The slab rates applicable to individuals for tax year 2024/22 are as follows: The basic exemption limit for resident individuals who are 60 years of age or more but less than 80 years of age at any time during the tax year is INR 300,000. For resident individuals who are 80 years of age or more, it is INR 500,000. WebMar 14, 2024 · There are multiple options to reduce the tax burden on individuals through various sections of the Income Tax Act, 1961, like sections 80C, 80D, 80CCF, and many … bosch at best buy