Tax University - Infographics

Tax Saving checklist you must follow this financial year

Taxes are unavoidable, but the liability can be reduced through smart planning. Here is a tax saving checlist for this financial year.

Importance and Benefits of Tax Saving

The Indian Government allows tax deductions for a number of investments. Similarly, several types of monetary gains are tax-exempt. Deductions and exemptions together form the core of tax saving.

Type of Tax Saving

With new start of the new financial year, it is time to file your income tax. The government has done away with most tax-saving tools under the new tax regime, but ou can still save taxes under the old system.

Income Tax Calculation 20-21

Step 1 - Calculate your total income

Step 2 - Account for all deductions from your total income

Step 3 - Identify your income tax slab and apply relevant rate of tax on your income

Tax Exemption Rules in 2020

The government introduced a new income tax regime with lower tax rates in 2020. While most deductions and exemptions have been eliminated under the new system, you can still avail some tax exemptions.

Who can file ITR1?

An income tax is a form in which assesses provide information about their annual income. There are seven types of forms for filing income tax. The ITR1 can be filed by a specific category of taxpayers.