{"id":33181,"date":"2024-02-27T18:07:51","date_gmt":"2024-02-27T12:37:51","guid":{"rendered":"https:\/\/blog.researchandranking.com\/?p=33181"},"modified":"2024-11-08T17:28:11","modified_gmt":"2024-11-08T11:58:11","slug":"income-tax-concepts-made-easy-the-ultimate-guide-for-all-taxpayers","status":"publish","type":"post","link":"https:\/\/www.equentis.com\/blog\/income-tax-concepts-made-easy-the-ultimate-guide-for-all-taxpayers\/","title":{"rendered":"Tax Concepts: Ultimate Guide to Concept of Taxation"},"content":{"rendered":"<div id=\"bsf_rt_marker\"><\/div>\n<p>Trying to understand the basic tax concepts? Well, you are in the right place as in this blog we will explain in detail all the concepts of taxation.<\/p>\n\n\n\n<p>Did you know? In FY 2020-21, <a href=\"https:\/\/www.equentis.com\/blog\/income-tax-concepts-the-ultimate-guide\/\">income tax<\/a> contributed over 50% of the total <a href=\"https:\/\/www.equentis.com\/blog\/what-is-direct-tax\/\">direct tax<\/a> revenue, showcasing its pivotal role in India&#8217;s economy.&nbsp;<\/p>\n\n\n\n<p>Income tax in India is a significant fiscal component that makes for a major part of the government&#8217;s revenue. &nbsp; It is essential for funding public services and infrastructure development.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe title=\"Budget 2024 Update: Big Relief on Property Taxes | Equentis- Research and Ranking\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/hnkpryB3nuk?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<p>In India, the amount of tax you pay depends on how much money you make. This system is designed to consider the different financial situations of the country&#8217;s people, ensuring fairness for everyone.<\/p>\n\n\n\n<p>Understanding these tax concepts is essential for compliance, informed financial planning, and contributing to the nation\u2019s growth.<\/p>\n\n\n\n<p>If you have an income source in India, this guide on the basic concepts of income tax is indispensable.<\/p>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/www.equentis.com\/blog\/how-to-file-itr-online\/\">Income Tax Return<\/a><\/div>\n\n\n\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/www.equentis.com\/blog\/filing-income-tax-returns\/\">Income tax in India<\/a><\/div>\n\n\n\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/www.equentis.com\/blog\/how-to-get-your-money-back-a-simple-guide-to-claiming-income-tax-refund\/\">Income Tax Refund<\/a><\/div>\n\n\n\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/www.equentis.com\/blog\/how-to-fix-your-tax-estimation-mistakes-before-its-too-late\/\">Tax Calculator<\/a><\/div>\n\n\n\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/www.equentis.com\/blog\/what-is-income-tax\/\">Tax free bond<\/a><\/div>\n\n\n\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/www.equentis.com\/blog\/form-16-need-to-be-in-hand-heres-how-you-can-still-file-your-itr\/\">Form 16<\/a><\/div>\n<\/div>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading has-large-font-size\"><strong>Basic Concepts of Income Tax: Introduction<\/strong><\/h2>\n\n\n\n<p>The concept of income tax in India is governed by the Income Tax Act of 1961. This Act lays down the rules and regulations about the tax on income.&nbsp;<\/p>\n\n\n\n<p>The government of India levies taxes on the income earned by individuals, businesses, organizations, and other entities within a financial year. The financial year in India starts on April 1st and ends on March 31st of the following year.<\/p>\n\n\n\n<h3 class=\"wp-block-heading has-large-font-size\"><strong>Let&#8217;s Understand the Concepts of Income Tax <\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Levy on Income<\/strong>: Income tax is levied on the income earned by individuals, HUFs, companies, and other entities during a financial year.<\/li>\n\n\n\n<li><strong>Progressive Tax System<\/strong>: The tax rates increase with higher income levels, promoting a fair and equitable tax structure.<\/li>\n\n\n\n<li><strong><a href=\"https:\/\/www.equentis.com\/blog\/exemptions-vs-deductions-in-taxable-income\/\">Taxable Income<\/a><\/strong> &#8211; In tax concepts, taxable income is the percentage of income subject to taxation. The categories of taxable income include salaries, wages, profits, rental incomes, pensions, employment benefits, etc.&nbsp;<\/li>\n\n\n\n<li><strong>Tax Brackets\/Slabs<\/strong> &#8211; The income tax rates differ for individuals and corporate earnings. The Central Government determines these tax slabs or brackets. The rate is planned and implemented based on annual income and income category.<\/li>\n\n\n\n<li><strong>Annual Tax Filing<\/strong>: Taxpayers must file an annual income tax return, declaring earnings from various sources like salaries, business profits, <a href=\"https:\/\/www.equentis.com\/blog\/how-to-fix-your-tax-estimation-mistakes-before-its-too-late\/\">capital gains<\/a>, and property income.<\/li>\n\n\n\n<li><strong>Tax Administration: <\/strong>The Central Board of Direct Taxes (CBDT) administers income tax laws in India.<\/li>\n\n\n\n<li><strong>Revenue for Public Services: <\/strong>Collected tax funds are utilized to fund public services, infrastructure, defense, and welfare schemes, aiding national development.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading has-large-font-size\"><strong>Concepts of Taxation<\/strong><strong>: Deductions and Exemptions<\/strong><\/h3>\n\n\n\n<p>, The Income Tax Act of 1961 provides for deductions and exemptions to promote savings and <a href=\"https:\/\/www.equentis.com\/blog\/mukul-agrawal-portfolio-shareholdings-investments-all-you-need-to-know\/\">investments<\/a> among taxpayers. For example, tax-free bonds are a great financial tool to reduce your tax liability. They reduce the tax rates or provide tax relief on the income tax payout.&nbsp;<\/p>\n\n\n\n<p>You can explore different tax-saving investment options to benefit from tax exemptions.<\/p>\n\n\n\n<p>These can be claimed under different sections of the Act, the most popular being <a href=\"https:\/\/www.equentis.com\/blog\/the-ultimate-guide-to-understanding-your-taxable-income\/\">Section 80C<\/a>, which includes investments in PPF, ELSS, life insurance premiums, NPS, etc. Other significant sections include 80D for <a href=\"https:\/\/www.equentis.com\/blog\/6-smart-ways-to-save-income-tax-after-marriage-in-india\/\">health insurance<\/a> premiums, 80E for interest in educational loans, and 80G for donations to charitable organizations.<\/p>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/www.equentis.com\/blog\/basics-of-income-tax-for-beginners\/\">Tax slabs<\/a><\/div>\n\n\n\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/www.equentis.com\/blog\/tcs-tax-collected-at-source\/\">Tax Collected At Source<\/a><\/div>\n\n\n\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/www.equentis.com\/blog\/6-smart-ways-to-save-income-tax-after-marriage-in-india\/\">Tax saving investments<\/a><\/div>\n\n\n\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/www.equentis.com\/blog\/how-to-calculate-income-tax-on-salary-with-example\/\">Income Tax on Salary<\/a><\/div>\n\n\n\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/www.equentis.com\/blog\/5-ways-to-restructure-your-salary-to-reduce-income-tax-outgo\/\">Tax laws<\/a><\/div>\n\n\n\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/www.equentis.com\/blog\/are-there-any-changes-in-the-tax-rules-this-new-fy25-find-out\/\">Income Tax Slabs<\/a><\/div>\n<\/div>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading has-large-font-size\"><strong>Income Tax in India: Who is Liable to Pay?<\/strong><\/h2>\n\n\n\n<p>The liability to pay income tax depends on your \u2018Residential Status.\u2019 This status can be broadly categorized as:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Resident Indian<\/li>\n\n\n\n<li>Non-Resident Indian (NRI)<\/li>\n\n\n\n<li>Resident But Not Ordinarily Resident (RNOR)<\/li>\n<\/ul>\n\n\n\n<p>Additionally, as per the basic concept of income tax in India, the tax slabs and rates will vary depending on which category of taxpayers you belong to:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Individual<\/li>\n\n\n\n<li>Hindu Undivided Family (HUF)<\/li>\n\n\n\n<li>Companies<\/li>\n\n\n\n<li>Firms<\/li>\n\n\n\n<li>Other Entities<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading has-large-font-size\"><strong>Income <\/strong><strong>Tax Concepts<\/strong><strong>: Heads of Income <\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Income from Salary<\/strong> &#8211; It includes wages, pensions, allowances, and other benefits received from employment.<\/li>\n\n\n\n<li><strong>Income from Business or Profession<\/strong> &#8211; Profits and losses a business or organization incurs are a part of this income category.&nbsp;<\/li>\n\n\n\n<li><strong>Income from House or Personal Property<\/strong> &#8211; Any <a href=\"https:\/\/www.equentis.com\/blog\/basics-of-income-tax-for-beginners\/\">rental income<\/a> or other income generated from a pre-owned property falls under this income category.<\/li>\n\n\n\n<li><strong>Income from Capital Gains<\/strong> &#8211; Income from the sale of capital assets like shares, real estate, etc., is taxed under this head. The tax rate depends on the duration you hold the asset &#8211; short-term or <a href=\"https:\/\/www.equentis.com\/blog\/can-stamp-duty-home-loan-interest-reduce-ltcg-tax\/\">long-term capital gains<\/a>.<\/li>\n\n\n\n<li><strong>Income from Other Resources<\/strong> &#8211; Any other source of income, like interest earnings, gifts, dividends, etc., is added to this income category.&nbsp;<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading has-large-font-size\"><strong>Income <\/strong><strong>Tax Concepts<\/strong><strong>: Tax Slabs and Rates for 2024 <\/strong><\/h2>\n\n\n\n<p>Your income is categorized into different slabs based on your salary, and each slab has a specific tax rate. These slabs and rates are subject to revision every financial year based on the <a href=\"https:\/\/www.equentis.com\/blog\/rural-focus-15-stocks-to-watch-for-budget-2024\/\">Union Budget<\/a> presented by the Finance Minister of India.<\/p>\n\n\n\n<p>India follows a progressive concept of taxation on income. It means, the higher your salary, the higher your taxable rate will be.<\/p>\n\n\n\n<p>Below are the income tax slabs and rates for the financial year 2024-25 basis the Interim <a href=\"https:\/\/www.equentis.com\/blog\/union-budget-2024-which-sectors-does-it-favour\/\">Budget<\/a> announced on February 1st, 2024:<\/p>\n\n\n\n<h3 class=\"wp-block-heading has-large-font-size\"><strong>Income Tax Slabs and Rates for 2024-25 &#8211; Old Regime <\/strong><\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Income Slab (\u20b9)<\/strong><\/td><td><strong>Tax Rate<\/strong><\/td><\/tr><tr><td colspan=\"2\"><strong>Below 60 years<\/strong><\/td><\/tr><tr><td>Up to 2,50,000<\/td><td>Nil<\/td><\/tr><tr><td>2,50,001 &#8211; 5,00,000<\/td><td>5%<\/td><\/tr><tr><td>5,00,001 &#8211; 10,00,000<\/td><td>20%<\/td><\/tr><tr><td>Above 10,00,000<\/td><td>30%<\/td><\/tr><tr><td colspan=\"2\"><strong>Senior Citizens (60 Years and Above, But Less than 80 Years)<\/strong><\/td><\/tr><tr><td>Up to 3,00,000<\/td><td>Nil<\/td><\/tr><tr><td>3,00,001 &#8211; 5,00,000<\/td><td>5%<\/td><\/tr><tr><td>5,00,001 &#8211; 10,00,000<\/td><td>20%<\/td><\/tr><tr><td>Above 10,00,000<\/td><td>30%<\/td><\/tr><tr><td colspan=\"2\"><strong>Super Senior Citizen (80 Years and Above)<\/strong><\/td><\/tr><tr><td>Up to 5,00,000<\/td><td>Nil<\/td><\/tr><tr><td>5,00,001 &#8211; 10,00,000<\/td><td>20%<\/td><\/tr><tr><td>Above 10,00,000<\/td><td>30%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3 class=\"wp-block-heading has-large-font-size\"><strong>Tax Slabs and Rates for 2024-25 &#8211; New Regime <\/strong><\/h3>\n\n\n\n<p>The new tax regime offers lower tax rates but requires forgoing certain exemptions and deductions. It applies to all individuals regardless of their age.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Income Slab (\u20b9)<\/strong><\/td><td><strong>Tax Rate<\/strong><\/td><\/tr><tr><td>Up to 2,50,000<\/td><td>Nil<\/td><\/tr><tr><td>2,50,001 &#8211; 5,00,000<\/td><td>5%<\/td><\/tr><tr><td>5,00,001 &#8211; 7,50,000<\/td><td>10%<\/td><\/tr><tr><td>7,50,001 &#8211; 10,00,000<\/td><td>15%<\/td><\/tr><tr><td>10,00,001 &#8211; 12,50,000<\/td><td>20%<\/td><\/tr><tr><td>12,50,001 &#8211; 15,00,000<\/td><td>25%<\/td><\/tr><tr><td>Above 15,00,000<\/td><td>30%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3 class=\"wp-block-heading has-large-font-size\"><strong>Key Points Regarding the Income <\/strong><strong>Tax Concepts<\/strong><strong> <\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The <a href=\"https:\/\/www.equentis.com\/blog\/old-tax-regime-slabs\/\">old tax regime<\/a> offers exemptions and deductions, which can significantly reduce your taxable income.<\/li>\n\n\n\n<li>The new tax regime helps you enjoy lower rates, but you must forego a majority of exemptions and deductions.<\/li>\n\n\n\n<li>The new tax regime will be the default choice. You must choose the old tax regimes each financial year if you wish to benefit from various deductions.<\/li>\n\n\n\n<li>Health and education cess at 4% applies to the tax payable under both regimes.<\/li>\n<\/ul>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/www.equentis.com\/blog\/exemptions-vs-deductions-in-taxable-income\/\">Taxable Income<\/a><\/div>\n\n\n\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/www.equentis.com\/blog\/old-tax-regime-slabs\/\">Old Tax Regime<\/a><\/div>\n\n\n\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/www.equentis.com\/blog\/what-is-professional-tax\/\">Professional Tax<\/a><\/div>\n\n\n\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/www.equentis.com\/blog\/tcs-tax-collected-at-source\">Tax Collected at Source<\/a><\/div>\n\n\n\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/www.equentis.com\/blog\/the-ultimate-guide-to-understanding-your-taxable-income\/\">Taxable Income<\/a><\/div>\n\n\n\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/www.equentis.com\/blog\/top-5-tax-saving-investment-options-in-2024\/\">Tax Saving Investment<\/a><\/div>\n<\/div>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading has-large-font-size\"><strong>Which ITR Form Should You Choose? <\/strong><\/h2>\n\n\n\n<p>The <a href=\"https:\/\/www.equentis.com\/blog\/what-is-income-tax\/\">Income Tax Department<\/a> has notified 7 types of Income Tax Return (<a href=\"https:\/\/www.equentis.com\/blog\/how-to-file-itr-online\/\">ITR<\/a>) forms for filing taxes in India. Choosing the correct ITR form in India depends on your income source and category:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>ITR-1 (Sahaj)<\/strong>: For resident individuals with income up to \u20b950 lakhs from salaries, one house property, and other sources like interest.<\/li>\n\n\n\n<li><strong>ITR-2<\/strong>: For individuals and HUFs without income from business or profession, covering salary, multiple house properties, capital gains, and foreign income.<\/li>\n\n\n\n<li><strong>ITR-3<\/strong>: For individuals and HUFs with income from a business or profession, including partners in firms but not conducting business through the firm.<\/li>\n\n\n\n<li><strong>ITR-4 (Sugam):<\/strong> For resident individuals, HUFs, and firms with total income up to \u20b950 lakhs and presumptive income under Sections 44AD, 44ADA, or 44AE.<\/li>\n\n\n\n<li><strong>ITR-5<\/strong>: For firms, BOIs (Bodies of Individuals), AOPs (Association of Persons), LLPs (Limited Liability Partnerships), and AJP (Artificial Juridical Persons), excluding individuals, HUFs, and companies.<\/li>\n\n\n\n<li><strong>ITR-6<\/strong>: Exclusively for companies that do not declare exemption as per Section 11, which includes income from property held for religious or charitable purposes.<\/li>\n\n\n\n<li><strong>ITR-7<\/strong>: For companies or persons who need to file taxes as per sections 139(4A) mandatorily, 139(4B), 139(4C), and 139(4D), such as political parties, trusts, and educational institutions.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading has-large-font-size\"><strong>New Reforms in Income Tax in 2024 <\/strong><\/h2>\n\n\n\n<p>The government can amend the general tax concepts regarding tax exemptions, tax brackets, taxable income, etc.&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The FM announced tax demands of up to \u20b925,000 before 2010 and up to \u20b910,000 between 2010 and 2015 will be withdrawn to enhance tax services.<\/li>\n\n\n\n<li>The Tax Department can adjust past tax claims against the current year&#8217;s tax refunds.<\/li>\n\n\n\n<li>The minimum income not subject to tax is now \u20b97 lakhs under the new tax regime.<\/li>\n\n\n\n<li>Under the old tax system, individuals can use about 70 different tax breaks and deductions, depending on their investments and types of income.<\/li>\n\n\n\n<li>The surcharge rate for individual income taxpayers has been reduced to 25%. Additionally, a surcharge of 4% is added to health and education for individuals.&nbsp;<\/li>\n\n\n\n<li>The surcharge rate for long-term capital gains or dividend income is limited to the upper limit of 15%.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading has-large-font-size\"><strong>Final Thoughts <\/strong><\/h2>\n\n\n\n<p>Understanding the different tax concepts involved in income tax can help you plan your tax liabilities better. A basic concept of income tax is that taxable income is calculated by subtracting the various tax-saving deductions from your gross salary.&nbsp;&nbsp;<\/p>\n\n\n\n<p>These tax-saving options include long-term investment stocks and other investment options to build a robust financial portfolio for yourself.&nbsp;<\/p>\n\n\n\n<p>A SEBI-registered investment advisory can help you make better investment decisions. For more details, get in touch with us today.<\/p>\n\n\n\n<h2 class=\"wp-block-heading has-large-font-size\">Concept of Taxation: FAQs<\/h2>\n\n\n<div class=\"saswp-faq-block-section\"><ol style=\"list-style-type:none\"><li style=\"list-style-type: none\"><h5 class=\"saswp-faq-question-title \"><strong>What are the top reasons to file income tax on time?<\/strong><\/h5><p class=\"saswp-faq-answer-text\">To claim a timely <a href=\"https:\/\/www.equentis.com\/blog\/how-to-get-your-money-back-a-simple-guide-to-claiming-income-tax-refund\/\">tax refund<\/a>.<br>To benefit from faster loan approvals, as ITR is a mandatory document of proof.\u00a0<br>To avoid heavy penalties and increased tax rates due to late filing.<br>To reduce the risk of unannounced income tax audits due to delayed ITR filing.<br>To carry forward your business losses to offset them in the future with the profits, reducing your subsequent tax liability.<br>Improve your credit score by complying with the government&#8217;s income tax rules.\u00a0<\/p><li style=\"list-style-type: none\"><h5 class=\"saswp-faq-question-title \"><strong>Which documents do you need to file income tax returns?<\/strong><\/h5><p class=\"saswp-faq-answer-text\">PAN card<br>Aadhaar card<br><a href=\"https:\/\/www.equentis.com\/blog\/form-16-need-to-be-in-hand-heres-how-you-can-still-file-your-itr\/\">Form 16<\/a> part A &amp; B, 16A, 16B, or 16C in case of non-salaried tax deductions<br>Annual Information Statement (AIS)<br>Bank account details\u00a0<br>List of investments and other assets under the capital gains category<\/p><li style=\"list-style-type: none\"><h5 class=\"saswp-faq-question-title \"><strong>What are non-claimable tax deductions and exemptions under the new FY 2023-24 regime?<\/strong><\/h5><p class=\"saswp-faq-answer-text\"><a href=\"https:\/\/www.equentis.com\/blog\/what-is-professional-tax\/\">Professional tax<\/a>\u00a0<br>Leave travel allowance\u00a0<br>House rent allowance\u00a0<br>Interest on a house loan for a self-occupied or vacant property<br>Entertainment allowance\u00a0<br>Any deduction under Section 80C, 80CCC, 80CCD, 80D, 80DD, 80DDB, 80E, 80G, etc.<\/p><\/ul><\/div>","protected":false},"excerpt":{"rendered":"<p>Income tax in India is a significant fiscal component that makes for a major part of the government&#8217;s revenue. \u00a0 It is essential for funding public services and infrastructure 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