Taxes are the government’s way of earning an income which can then be used for various projects that the government needs to indulge in to help boost the country’s economy or its people. Taxes in India are decided on by the central and state governments with local governments, such as municipalities, also deciding on smaller taxes that can be levied within their jurisdiction.
Tax Saving Schemes
How to make your Tax-Saving Investments
Equity Linked Saving Schemes (ELSS) provide a good avenue for capital appreciation and tax benefit under section 80C of the Income-Tax Act, 1961.
Benefits of ELSS
How to make your Tax-Saving Investments
- Deduction under section 80C
- Taxable post 1 Lakh
- Dividends are tax free in the hands of investor
Better Return
Compared to all tax saving instruments under sec 80CLock in period (3 years)
- Lowest among all tax saving instruments under section 80C
- Long enough to minimize market volatility
TAX Slabs
A tax that governments impose on financial income generated by all entities within their jurisdiction. By law, businesses and individuals must file an income tax return every year to determine whether they owe any taxes or are eligible for a tax refund. The Income Tax Department is the biggest revenue mobilizer for the Government. Income tax is a key source of funds that the government uses to fund its activities and serve the public
|
India Income tax slabs FY 2021-2022 for Individual Tax Payers & HUF (Aged less than 60 years) |
|
| Income tax slab (in Rs.) | Tax |
|---|---|
| 0 to 2,50,000 | No tax |
| 2,50,001 to 5,00,000 | 5% |
| 5,00,001 to 7,50,000 | 10% |
| 7,50,001 to 10,00,000 | 15% |
| 10,00,001 to 12,50,000 | 20% |
| 12,50,001 to 15,00,000 | 25% |
| Above Rs 15,00,000 | 30% |
|
India Income tax slabs FY 2021-2022 for Individual Tax Payers & HUF (Aged 60 years but less than 80 years) |
|
| Income tax slab (in Rs.) | Tax |
| 0 to 2,50,000 | No tax |
| 2,50,001 to 5,00,000 | 5% |
| 5,00,001 to 7,50,000 | 10% |
| 7,50,001 to 10,00,000 | 15% |
| 10,00,001 to 12,50,000 | 20% |
| 12,50,001 to 15,00,000 | 25% |
| Above Rs 15,00,000 | 30% |
|
India Income tax slabs FY 2021-2022 for Super Senior Citizens (Aged 80 and above) |
|
| Income tax slab (in Rs.) | Tax |
| 0 to 2,50,000 | No tax |
| 2,50,001 to 5,00,000 | 5% |
| 5,00,001 to 7,50,000 | 10% |
| 7,50,001 to 10,00,000 | 15% |
| 10,00,001 to 12,50,000 | 20% |
| 12,50,001 to 15,00,000 | 25% |
| Above Rs 15,00,000 | 30% |
Income Tax Rules
We have collected all the forms related to Income tax at one place, according to your needs to get relief from tax from Investment, property, etc; for your ease and to save time so that you don't have to hassle around to find each of them throughout the site.
| Name | Tax Forms |
|---|---|
| For Individuals having Income from Salary & Interest | Form No.:ITR-1 SAHAJ |
| For Individuals and HUFs not having income from profits and gains of business or profession | Form No.:ITR-2 |
| For Individuals & HUFs having Income from a proprietory business or profession | Form No.:ITR-3 |
| For Presumptive Income from Business & Profession | Form No.:ITR-4 - SUGAM |
| For persons other than,- (i) individual, (ii) HUF, (iii) company and (iv) person filing Form ITR-7 | Form No.:ITR-5 Form No.:ITR-5 |
| For Companies other than companies claiming exemption under section 11 | Form No.:ITR-6 |
| For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F) | Form No.:ITR-7 |
| Where the data of the Return of Income in Form ITR-1 (SAHAJ), ITR-2, ITR-3, ITR-4(SUGAM), ITR-5, ITR-7 filed but NOT verified electronically | Form No.:ITR-V |
| Acknowledgement | Form No.:Acknowledgement |