Income Tax 101 Salaried

Explore income tax for Indian salaried individuals! Navigate through income tax terms, decode Old vs. New Regime, explore 2023-24 slabs, and master declarations for stress-free filing!

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Episodes

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E01: Income Tax Terms for Beginners
03 mins
This video briefly explains essential income tax terms for beginners which could facilitate a seamless tax-filing experience. Some of the terms discussed in...
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E02: Old and New Tax Regime: A Comparison
03 mins
The Old and New Tax Regimes present distinct frameworks for taxation of income. Under the old regime, taxpayers benefit from various exemptions and exemption...
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E03: Income Tax Slabs 2023-24
03 mins
The term income tax slab refers to income brackets dictating the amount of tax owed based on earnings. Introduced for equitable taxation, the slabs may...
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E04: Declarations While Filing Income Tax
03 mins
Learn about essential tax declarations: disclose your total salary, encompassing basic pay, allowances, bonuses, and prerequisites...
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E05: ITR 1 vs ITR 2 Which One Do You Have to File
04 mins
For salaried individuals, choosing the right ITR filing form is crucial for accurate tax filing. The decision to file ITR-1 or ITR-2 depends on your income structure. ITR-1 is suitable for those with a single income source, one house property, and limited deductions. However, if you have multiple properties, capital gains, foreign income, or exceed ₹50 Lakhs, ITR-2 is the way to go, allowing you to report diverse income streams and claim applicable deductions.
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E06: Simplifying Your ITR 1 Online Filing A Step by step Guide
06 mins
You can easily file your ITR-1 online in a few quick steps. First, log into the e-filing portal, select the appropriate ITR form, and check your personal and financial information. Next, you have to provide all the details of your income sources, claim applicable deductions, and verify your tax payments. You can complete the process by finally submitting and e-verifying your return. Once you complete the tax payment, if any, your ITR-1 form will be successfully submitted.
Frequently Asked Questions
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It is essential that you understand basics like gross total income, taxable income, deductions, tax rebate, etc. to navigate the tax process better.
The Old Regime offers deductions, whereas the New Regime has lower tax rates but limited deductions.
Declare income from all sources, investments, savings, deductions, loans, and any exempt incomes meticulously.
Utilise the deductions, invest in tax-saving instruments like PF, PPF, NPS, and consider exemptions like HRA, LTA, and medical reimbursements.
Evaluate your individual deductions, exemptions, and financial goals. The decision depends on your specific financial situation and tax-saving preferences.
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