![]() ![]() ![]() The amount you are liable to pay is calculated as per the income slab the government has set for taxation purposes for this reason, this is popularly also known as the income tax slab. This term refers to any earning that attracts income tax. But first, let us understand what is meant by taxable income. If you are a taxpayer, especially a new one, this should serve as a ready-reckoner. In this article, we will try and answer some of those questions that come to haunt us as the fiscal end nears. How much taxable income do I have? How much will I be taxed? How much should I invest in tax-saving schemes? These are some of the questions that will be in our thoughts. It’s that time of the year when tax saving schemes and income tax slabs start to creep into our conversations.
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