The tax which is paid by an individual to the Central Government is termed as Income Tax. It is necessary for country’s economic growth and stability of our country.
One of the most important acts of Income Tax is the Income Tax Act, 1961. According to this, any person whose salary from any source of income is more than the maximum limit of un chargeable amount will be liable to pay Income Tax. However, there is a provision of deduction and exemptions in Income Tax depending upon the type of individual, source of income, investment in income tax saving schemes etc. Income tax slabs can change and is determined by Ministry of Finance, Government of India usually on an annual basis.
Most of us would be interested to know how we can save tax rather than how or why we pay tax. So let’s discuss how we can save tax.
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