Articles

India's taxes are largely divided into two categories: direct and indirect taxes. Direct taxes get imposed on an individual's earnings and benefit earned from selling or transferring any commodity. 

Most millennials believe that if their earnings are below the taxable threshold, they need not file an ITR (Income Tax Returns). That, however, is not the case. When you start working and making money, you must file an income tax return.

Of the entire tax-paying population lot in India, the small chunk of its salaried taxpayers bears the highest burden. It is a known fact that the bulk of India's taxes come from its salaried class, the group that forms only a part of the country's taxpayers.

When people think of tax savings, they usually think of Section 80C benefits, which can total up to Rs. 1.5 lakh in a fiscal year, and many people will stop there. There are, however, other ways to assert tax advantages and lower your yearly income tax bill.

Each of us go through several common milestones in our lives - graduation, first job, marriage, family, to name a few. Similarly, paying income tax for the first time is a common achievement for many people.

It can be safely said that income tax is a concept that most of us are aware of. But before we delve into the topic in detail, it is important to understand what all comes under the ambit of the word INCOME.