Tax Saving-A Know how you can save more.
| | | Dear Candidate, | | The best way to get the most out of tax savings is to be informed and act early. The countdown for tax savings has already begun. One way to do it is to pick financial tools that not only help us save tax but also help in the growth and protection of our wealth. | | This year, a new tax regime has been introduced by the Government of India. The purpose of this new regime is to simplify tax calculations. However, the old tax regime too stands effective. So it is up to you to decide which one meets your financial needs. | | 3 questions to ask yourself to save more tax? | | | Ask yourselves the below questions to know which regime suits you best. | | 1. Which income bracket do I fall under? | | The same tax rates apply for taxable income below 5 lakhs or above 15 lakhs. If you fall in either of these tax brackets then the older tax regime is better suited as it allows certain deductions and exemptions. | | 2. How much can I save through exemptions & deductions? | | Check how much tax you can save with exemptions & deductions that you are applicable for. This will help you know your net total income and this takes us to our last question.
| | 3. What is my total income tax under both regimes? | | Once you have calculated your net total income after considering all exemptions & deductions, check what amount you will be paying as tax under both old and new regimes. | | | | Annual Income (₹) | Old Tax Regime Rate | New Tax Regime Rate | | Up to ₹2.5 lakhs | Nil | Nil | | ₹2.5 lakhs to ₹5 lakhs | 5% | 5% | | ₹5 lakhs to ₹7.5 lakhs | 20% | 10% | | ₹7.5 lakhs to ₹10 lakhs | 20% | 15% | | ₹10 lakhs to ₹12.5 lakhs | 30% | 20% | | ₹12.5 lakhs to ₹15 lakhs | 30% | 25% | | ₹15 lakhs and above | 30% | 30% | | | | | Once you have both the figures, you can pick the regime that helps you save the most. | Important: You can save up to 1.5 lakh rupees u/s 80C by claiming tax deductions in old tax regime. Are you taking full advantage of the same?
If not or if you got any questions about the same, get in touch with our Relationship Manager who will help you in deciding the appropriate financial plan. To fix an appointment right now Click Here | | | | | | | Tax benefits are subject to change in law from time to time.You are advised to consult your tax consultant.
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