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All That you Need to Know about Paying & Saving Tax | Useful Resources4 min read

February 22, 2020 4 min read
paying taxes

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All That you Need to Know about Paying & Saving Tax | Useful Resources4 min read

Read­ing Time: 4 min­utes

For the growth and pro­mo­tion of an econ­o­my, a gov­ern­ment requires finan­cial resources. And these finan­cial resources are attained through tax­a­tion. March is around the cor­ner, so here comes an end to the finan­cial year. It is now time to pay tax­es and ful­fill­ing the eth­i­cal and legal duty that the cit­i­zens of the coun­try are bound to. With the new bud­get of 2020, a new tax regime has been intro­duced. So you need to be thor­ough­ly pre­pared for the tax sea­son. And for this pur­pose, we are enlist­ing a few blogs that will give you all the nec­es­sary infor­ma­tion that you will need.

On the basis of the income tax, each indi­vid­ual is enti­tled to pay a cer­tain dif­fer­ent amount of tax. This amount is cal­cu­lat­ed keep­ing in mind the tax slab sys­tem. Each dif­fer­ent slab has a dif­fer­ent tax rate. And the bud­get of 2020 has brought in a new tax slab along with it, which is inclu­sive of three dif­fer­ent cat­e­gories of indi­vid­ual tax­pay­ers;

  1. Indi­vid­u­als who are below the age of 60 years, inclu­sive of both res­i­dents as well as non-res­i­dents.
  2. Senior cit­i­zens who are res­i­dents and below the age of 80 years but above the age of 60 years.
  3. Super senior cit­i­zens who are res­i­dents, above the age of 80 years.

Here is the Income Tax Slab for individuals below the age of 60 years;

tax slab

The new tax regime has also brought a change in the list of exemp­tions and deduc­tions. Here is a list of things that you will have to abort while choos­ing the exemp­tions for tax­es;

exemptions

Everything To Know About Paying Taxes

From the doc­u­ments you’ll need to the cal­cu­la­tion you might want assis­tance with, these blogs will give you details about it all. We have cov­ered all the aspects that you might want to be aware of for pay­ing tax­es. After all, you would not want to make a mis­take and fetch a tax notice. The ben­e­fits of good tax plan­ning are unar­guably valu­able. There­fore you should know the art of how to imple­ment var­i­ous strate­gies before you start pay­ing tax­es;

Saving Your Taxes Smartly

All of us plan on sav­ing some amount while pay­ing tax­es. There are a num­ber of options for income tax sav­ings invest­ment that you can choose from. These tax-sav­ing options can help you save mon­ey legal­ly. Men­tioned below are some blogs that will give you detailed tips for tax sav­ing to your utmost ben­e­fit. 

Sumedha is a Post Graduate in English. She has the penchant for creating a variety of content that is attention grabbing.