An outline of income tax:
Are you wondering what income tax is? Income tax is a tax paid by an individual that depends on earning during their financial year. The earnings may be either notional or actual. This was decided by the Government of India based on income tax slabs and the rate of income tax in which the individuals are paying tax.
In some cases, the government offers income tax rebates that are very beneficial for the public in the lower-income group. Tax planning is a very much important feature of financial planning. Numerous sections are available under the income tax act that can be an advantage in saving our outgo of tax.
Many people are unaware of these options and pay without checking that their existing investments have reached the maximum limit that they can avail of this section.
This results in investing more in this category, and this would not help you meet your financial goals. This can be overcome through Section 80C of the Income Tax Act of India.