Until June, I was not under the taxable income bracket. However, following my last appraisal, with the amount credited in July/August, I have now fallen into the taxable category. I recently joined a new company in October. I would like to understand if I will need to pay taxes from October onwards or if I should consider paying from July/August. Additionally, I am interested in learning about strategies to reduce my tax liability. Could you please advise me on how to calculate the amount of tax I am required to pay?
From India, Bangalore
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From India, Bangalore
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Hi,
Tax is calculated on the total income received for the period of April-March financial year. There are lots of ways to save income tax. The best method is saving from PF. Then there are other saving options such as LIC, medical policies, investment bonds, donations, etc.
From India, Bangalore
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727Tax is calculated on the total income received for the period of April-March financial year. There are lots of ways to save income tax. The best method is saving from PF. Then there are other saving options such as LIC, medical policies, investment bonds, donations, etc.
From India, Bangalore
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