A brief introduction to Income Tax
Tax in India is a direct tax on the income or earnings in a financial year.
government can change the income slabs and tax rates every year in its Union
Budget. Income does not only mean money earned in the form of salary.
Government of India decides the rate of Income Tax and Income tax slabs.
Income within the range of 2.5 lacs to 5 lacs there is a rebate at 5%.
has option to choose between the tax calculation type i.e., Old Regime or New
tax slabs applicable for the financial year 2021-22
amount invested in tax-saving schemes is deducted from gross income, which
reduces the amount of taxable income and benefits the taxpayer.
Tax is calculated for the entire year after including the Investment
Declaration provided by the employee. It is then deducted equally throughout
case tax is deducted in excess, the employee can claim a refund from the
Government by filing the returns.