As per the Income Tax Act, 1961, it is mandatory for you to make income tax payments if your annual income is above the minimum exemption limit.

All About Tax Structure In India.

Income Tax slab Tax applicable
Up to Rs. 2,50,000 Nil
From Rs. 2,50,001 to Rs. 5,00,000 5%
From Rs. 5,00,001 to Rs. 10,00,000 20%
Above Rs. 10,00,000 30%

How does taxation work in India?

The tax structure in India is divided into direct and indirect taxes. While direct taxes are levied on taxable income earned by individuals and corporate entities, the burden to deposit taxes is on the assesses themselves.

Why Tax Saving Funds?

Here is how tax saving funds (ELSS) beat almost every other tax saving option under section 80C

Investment Lock-in Period Historical Returns Is Return Taxable?
Tax Saving(ELSS) funds 3 Years 12-14% Return is Taxable
Life Insurance 5 Years 0-6% No Tax
PPF 15 Years 8.50% No Tax
NSC 5/10 Years 8.50% Interest is Taxable
5 Years Bank FD 5 Years 9.50% Interest is Taxable

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