Your health insurance can save you thousands on tax—here's how to claim it right.
Budget 2025 is around the corner, and taxpayers are eagerly waiting for potential income tax changes! Should you stick to the old tax regime with deductions or switch to the new simplified structure? We break down the latest slabs, tax rates, and savings for different income levels. Watch now to find out which regime is best for you!
The deadline for tax-saving investments for the year ended on March 31, 2024. And if you still haven’t made those tax-saving investments, unfortunately, the time has slipped away. But you must not get disheartened as you can still start planning your investments for FY24-25. And it is important to make the right investment choices right at the start of the new financial year as it can have a major impact on your finances. But how to choose one? Watch this video to find all the answers.
A 5 per cent tax is levied on total income between Rs 2.5 lakh and Rs 5 lakh, 10 per cent on Rs 5 lakh to Rs 7.5 lakh, 15 per cent on Rs 7.5 lakh to Rs 10 lakh, 20 per cent on Rs 10 lakh to Rs 12.5 lakh, 25 per cent on Rs 12.5 lakh to Rs 15 lakh, and 30 per cent on above Rs 15 lakh.
There are several notified charities and relief funds through which a deduction of 100 percent can be claimed.
To the common taxpayer, the legal framework within which such treatment may be meted out and the precise scope of ramifications on deposit of unaccounted wealth is unclear.
If the finance minister chooses to offer tax incentives, they can nudge the individual investors to save more in the asset classes that support economic growth and development in long term.
Bye, Bye Tax Deductions?