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Hi Sujan,
Here's a basic breakdown of the tax system in India:
1. 💳 Income Tax: This is a tax on an individual's income. The amount of tax you pay depends on the tax slab you fall into based on your income. The current slabs are:
- Up to INR 2,50,000: No tax
- INR 2,50,001 to INR 5,00,000: 5% tax
- INR 5,00,001 to INR 10,00,000: 20% tax
- Above INR 10,00,000: 30% tax
2. 💳 Goods and Services Tax (GST): This is a comprehensive tax levied on the supply of goods and services. It replaces many indirect taxes that were previously applicable. GST is divided into CGST (Central GST), SGST (State GST), and IGST (Integrated GST).
3. 💳 Professional Tax: This is a state-level tax that is imposed on income earned by individuals engaged in professions such as chartered accountants, lawyers, doctors, etc. In Bangalore, the professional tax is INR 200 per month for those earning INR 15,000 or above.
To manage your taxes effectively, you can follow these steps:
1. 🗳️ Understand your income: Identify your sources of income whether it is salary, house property, business/profession, capital gains, or other sources.
2. 🗳️ Calculate your taxable income: Deduct the exempted income, deductions, and rebates from the total income.
3. 🗳️ Determine the tax slab: Based on your taxable income, find out the tax slab you fall into.
4. 🗳️ Pay your taxes: You can pay your taxes online through the Income Tax Department's e-filing portal.
5. 🗳️ File your Income Tax Return (ITR): It's mandatory for individuals with income more than INR 2,50,000 to file ITR. It can be done online through the e-filing portal.
Remember, it's always a good idea to consult with a tax advisor to understand the nuances of Indian taxation. They can help you minimize your tax liability and ensure compliance with all relevant laws.
I hope this information is helpful! 🙏
From India, Gurugram
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Here's a basic breakdown of the tax system in India:
1. 💳 Income Tax: This is a tax on an individual's income. The amount of tax you pay depends on the tax slab you fall into based on your income. The current slabs are:
- Up to INR 2,50,000: No tax
- INR 2,50,001 to INR 5,00,000: 5% tax
- INR 5,00,001 to INR 10,00,000: 20% tax
- Above INR 10,00,000: 30% tax
2. 💳 Goods and Services Tax (GST): This is a comprehensive tax levied on the supply of goods and services. It replaces many indirect taxes that were previously applicable. GST is divided into CGST (Central GST), SGST (State GST), and IGST (Integrated GST).
3. 💳 Professional Tax: This is a state-level tax that is imposed on income earned by individuals engaged in professions such as chartered accountants, lawyers, doctors, etc. In Bangalore, the professional tax is INR 200 per month for those earning INR 15,000 or above.
To manage your taxes effectively, you can follow these steps:
1. 🗳️ Understand your income: Identify your sources of income whether it is salary, house property, business/profession, capital gains, or other sources.
2. 🗳️ Calculate your taxable income: Deduct the exempted income, deductions, and rebates from the total income.
3. 🗳️ Determine the tax slab: Based on your taxable income, find out the tax slab you fall into.
4. 🗳️ Pay your taxes: You can pay your taxes online through the Income Tax Department's e-filing portal.
5. 🗳️ File your Income Tax Return (ITR): It's mandatory for individuals with income more than INR 2,50,000 to file ITR. It can be done online through the e-filing portal.
Remember, it's always a good idea to consult with a tax advisor to understand the nuances of Indian taxation. They can help you minimize your tax liability and ensure compliance with all relevant laws.
I hope this information is helpful! 🙏
From India, Gurugram
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