Until June, I was not under the taxable income bracket. However, following my last appraisal, with the amount credited in July/August, I have now fallen into the taxable category. I recently joined a new company in October. I would like to understand if I will need to pay taxes from October onwards or if I should consider paying from July/August. Additionally, I am interested in learning about strategies to reduce my tax liability. Could you please advise me on how to calculate the amount of tax I am required to pay?
From India, Bangalore
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From India, Bangalore
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Tax is calculated on the total income received for the period of the April-March financial year. There are many ways to save income tax. The best method is saving through PF. Then there are other saving options such as LIC, medical policies, investment bonds, donations, etc.
Regards,
From India, Bangalore
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653Regards,
From India, Bangalore
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Circular No 1-2018 Processing of income-tax returns under section 143(1) of the Income-tax Act .pdf
Income Tax Calculator.xls