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Essential income tax knowledge every Indian should know
Income tax is a direct tax levied by the government on your annual income. In India, individuals can choose between two tax regimes, each with different rates and deduction eligibility.
Best for: Those with many tax-saving investments
Best for: Those with fewer deductions, higher income
Plus 4% Health & Education Cess on total tax
Plus 4% Health & Education Cess on total tax
Higher exemption limits for senior (₹3L) and super senior citizens (₹5L)
Equity mutual funds with 3-year lock-in. Best returns potential among 80C options.
Returns: 12-15% historically
15-year lock-in, government-backed, tax-free returns. Very safe option.
Returns: ~7-7.5% (govt. rate)
Additional ₹50K deduction. Retirement-focused with market-linked returns.
Returns: 9-12% (depending on allocation)
31st July
ITR Filing (Non-Audit Cases)
File income tax return for previous financial year
15th June
Advance Tax - Q1
Pay 15% of estimated annual tax
31st March
FY End - Last Date for Investments
Complete 80C, 80D investments for tax savings
Quarterly
TDS Certificate
Form 16 from employer, Form 16A for other TDS
Don't wait until March. Start SIPs in tax-saving funds from April for better returns and no rush.
Calculate tax in both regimes before deciding. Use our tax calculator to compare and choose optimally.
Declare HRA, LTA, books/newspapers, meal coupons to employer for tax-free perks.
Maintain proof for all claims (rent receipts, investment proof, insurance premiums) for 6 years.