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India at Paris Olympics 2024

The Indian contingent is set to kick off its campaign at the 2024 Paris Olympics on July 25. With 117 athletes competing in 69 medal events across 16 sports, the nation is gearing up for an action-packed Olympics. Following a record medal haul of seven, including a gold, at Tokyo 2022, India aims to surpass this tally at Paris 2024. India at Olympics 2024: Neeraj Chopra Defending Gold All eyes will be on Neeraj Chopra, who will be defending his gold medal in the men’s javelin throw, with aspirations of breaching the 90-meter mark for the first time in his career. The javelin qualifiers are scheduled for August 6, with the final taking place two days later. PV Sindhu and Mirabai Chanu: Medal Hopes Two-time Olympic medallist PV Sindhu will compete in badminton events from July 27 to August 5. Meanwhile, Tokyo 2020 silver medallist Mirabai Chanu will participate in the women’s 49kg weightlifting event on August 7. Boxing Prospects Boxers Nikhat Zareen, a two-time world champion, and Tokyo bronze medallist Lovlina Borgohain are strong contenders for individual medals. Their performances will be crucial for India's medal tally. Archery and Shooting: Early Starts Archers Deepika Kumari and Tarundeep Rai will be the first Indians to compete in Paris, starting with the individual ranking rounds on July 25. India's first medal event, the mixed team 10m air rifle, will occur two days later, featuring two Indian teams: Sandeep Singh/Elavenil Valarivan and Arjun Babuta/Ramita Jindal. Olympics 2024 India’s Full Schedule (All times in Indian Standard Time) July 25, Thursday Archery Women’s ranking round - 1:00 PM Men’s ranking round - 5:45 PM July 26, Friday Opening Ceremony - 11:30 PM July 27, Saturday Badminton Men’s singles group stage - 2:30 PM onwards Women’s singles group stage - 12:50 PM onwards Men’s doubles group stage - 1:40 PM onwards Women’s doubles group stage - 1:40 PM onwards Boxing Women’s 54kg round of 32 - 7:00 PM onwards Hockey Men’s Group B: India vs. New Zealand - 9:00 PM Rowing Men’s single sculls heats - 12:30 PM onwards Shooting Mixed team 10m air rifle qualification - 12:30 PM Men’s 10m air pistol qualification - 2:00 PM Mixed team 10m air rifle medal rounds - 2:00 PM onwards 10m air pistol women’s qualification - 4:00 PM onwards Tennis Men’s singles first round - 3:30 PM onwards Men’s doubles first round - 3:30 PM onwards Table Tennis Men’s singles preliminary round - 6:30 PM onwards Women’s singles preliminary round - 6:30 PM onwards Men’s singles round of 64 - 11:30 PM onwards Women’s singles round of 64 - 11:30 PM onwards July 28, Sunday Badminton Men’s singles group stage - 2:30 PM onwards Women’s singles group stage - 12:00 PM onwards Men’s doubles group stage - 12:50 PM onwards Women’s doubles group stage - 1:40 PM onwards Shooting 10m air rifle women’s qualification - 12:45 PM onwards 10m air pistol men’s final - 1:00 PM onwards 10m air rifle men’s qualification - 2:45 PM onwards 10m air pistol women’s final - 3:30 PM onwards Rowing Men’s single sculls repechages - 1:06 PM onwards Table Tennis Men’s singles round of 64 - 1:30 PM onwards Women’s singles round of 64 - 1:30 PM onwards Swimming Men’s 100m backstroke heats - 2:30 PM onwards Women’s 200m freestyle heats - 2:30 PM onwards Boxing Men’s 71kg round of 32 - 2:46 PM onwards Women’s 50kg round of 32 - 3:50 PM onwards Tennis Men’s singles first round - 3:30 PM onwards Men’s doubles - 3:30 PM onwards Archery Women’s team elimination round - 1:00 PM onwards Women’s team quarter-finals - 5:45 PM onwards Women’s team semi-finals - 7:17 PM onwards Women’s team bronze medal match - 8:18 PM onwards Women’s team gold medal match - 8:41 PM onwards July 29, Monday Swimming Men’s 100m backstroke semi-finals - 1:02 AM onwards Women’s 200m freestyle semi-finals - 1:20 AM onwards Badminton Women’s singles group stage - 1:40 PM onwards Men’s doubles group stage - 12:50 PM onwards Men’s singles group stage - 2:30 PM onwards Women’s doubles group stage - 1:40 PM onwards Shooting Men’s trap qualification - 12:30 PM onwards Mixed team 10m air pistol qualification - 12:45 PM onwards Women’s 10m air rifle final - 1:00 PM onwards Men’s 10m air rifle final - 3:30 PM onwards Rowing Men’s single sculls semi-finals - 1:00 PM onwards Table Tennis Men’s singles round of 64 - 1:30 PM onwards Women’s singles round of 64 - 1:30 PM onwards Men’s singles round of 32 - 11:30 PM onwards Women’s singles round of 32 - 1:30 PM onwards Tennis Men’s singles second round - 3:30 PM onwards Men’s doubles second round - 3:30 PM onwards Hockey Men’s Group B: India vs. Argentina - 4:15 PM Archery Men’s team elimination round - 1:00 PM onwards Men’s team quarter-finals - 5:45 PM onwards Men’s team semi-finals - 7:17 PM onwards Men’s team bronze medal match - 8:18 PM onwards Men’s team gold medal match - 8:41 PM onwards July 30, Tuesday Swimming Men’s 100m backstroke final - 12:49 AM onwards Women’s 200m freestyle final - 1:11 AM onwards Archery Men’s individual elimination rounds - 3:30 PM onwards Women’s individual elimination rounds - 3:30 PM onwards Badminton Men’s singles group stage - 2:30 PM onwards Women’s singles group stage - 12:00 PM onwards Men’s doubles group stage - 12:50 PM onwards Women’s doubles group stage - 1:40 PM onwards Shooting Men’s trap qualification - TBD Women’s trap qualification - TBD Mixed team 10m air pistol bronze medal match - 1:00 PM onwards Mixed team 10m air pistol gold medal match - 1:30 PM onwards Men’s trap final - 7:00 PM Table Tennis Men’s singles round of 32 - 1:00 PM onwards Women’s singles round of 32 - 1:00 PM onwards Rowing Men’s single sculls quarter-finals - 1:40 PM onwards Boxing Men’s 51kg round of 16 - 2:30 PM onwards Women’s 54kg round of 16 - 3:50 PM onwards Women’s 57kg round of 32 - 4:38 PM onwards Equestrian Dressage individual day 1 - 2:30 PM onwards Tennis Men’s singles second round - 3:30 PM onwards Men’s doubles quarter-finals - 3:30 PM onwards Archery Men’s individual round of 32 - 4:15 PM onwards Women’s individual round of 32 - 4:30 PM onwards Hockey Men’s Group B: India vs. Ireland - 9:00 PM Rowing Men’s single sculls semi-finals - 1:00 PM onwards Shooting Men’s trap qualification - TBD Women’s trap qualification - TBD Men’s 10m air rifle final - 1:00 PM onwards Mixed team 10m air rifle final - 3:00 PM onwards August 6, Tuesday Athletics Men’s javelin throw qualification - 3:00 PM onwards Shooting Men’s 50m rifle 3 positions qualification - 12:30 PM onwards Women’s 50m rifle 3 positions qualification - 12:30 PM onwards Wrestling Women’s freestyle 53kg qualification - 2:30 PM onwards Women’s freestyle 53kg repechage - 6:00 PM onwards Women’s freestyle 53kg final - 7:30 PM onwards August 8, Thursday Athletics Men’s javelin throw final - 7:00 PM onwards Shooting Men’s 50m rifle 3 positions final - 7:00 PM onwards August 11, Sunday Closing Ceremony - 11:30 PM Olympics Key Highlights India’s athletes will compete in 16 sports: archery, athletics, badminton, boxing, equestrian, fencing, golf, gymnastics, hockey, judo, rowing, shooting, swimming, table tennis, tennis, and wrestling. Neeraj Chopra, PV Sindhu, and Mirabai Chanu are among the star athletes. India will aim to surpass its previous best of seven medals from the Tokyo Olympics. Stay tuned for more updates and detailed schedules as the Olympics approach.

26-07-2024

Guide

Pradhan Mantri Jan Arogya Yojana (PMJAY) Check Your Eligibility and Avail of Health Coverage

Pradhan Mantri Jan Arogya Yojana (PMJAY) is a scheme launched by the Government of India (GOI) to protect low-income families financially from secondary and tertiary care hospitalization. The scheme aims to provide annual health coverage of up to INR 5 lakh for each family for hospitalization expenses. If you are wondering whether you are eligible for the scheme, here are some steps you can follow to find out: 1. Check if you are eligible based on socio-economic criteria: The scheme covers families identified as deprived and vulnerable, based on the Socio-Economic Caste Census (SECC) 2011 data. You can check if your family is included in this list by visiting PMJAY's official website and entering your details. 2. Check if you are eligible based on occupation: The scheme also covers families of the following occupational categories: rag pickers, beggars, domestic workers, street vendors, cobblers, hawkers, artisans, construction workers, sanitation workers, etc. You may be eligible for the scheme if you belong to any of these categories. 3. Check if you are eligible based on age: The scheme covers all individuals aged between 18 and 70. If you fall within this age range, you can check your eligibility for the scheme. 4. Check if you are eligible based on gender: The scheme covers all families with female heads of households and all transgender individuals. 5. Check if you are eligible based on location: The scheme covers all families living in rural and urban areas. You may be eligible for the scheme if you live in either of these areas. In conclusion, if you meet the above criteria, you may be eligible for the Pradhan Mantri Jan Arogya Yojana. It is important to note that the scheme does not cover outpatient department (OPD) expenses, so you should only seek hospitalization for severe illnesses or injuries. If you are eligible for the scheme, you can avail of the benefits by visiting any empanelled hospitals across India.

24-07-2024

Tax

Income Tax Budget 2024: Streamlining and Rationalizing Capital Gains

Short-term gains on specific financial assets will now be taxed at 20%, while gains on all other economic and non-financial assets will remain subject to their respective tax rates. Long-term gains on all financial and non-financial assets will be taxed at 12.5%. To benefit lower—and middle-income groups, I propose increasing the capital gains exemption limit on certain financial assets to ₹1.25 lakh per year. Listed financial assets held for over a year will be classified as long-term, whereas unlisted and non-financial assets must be held for at least two years to qualify as long-term. However, unlisted bonds and debentures, debt mutual funds, and market-linked debentures will still be taxed on capital gains at the applicable rates, regardless of the holding period. What are the updates to the capital gains tax regime? The long-anticipated simplification of the capital gains tax regime has arrived, though it comes with higher tax rates. Here are the fundamental changes that are significant for both markets and individual investors: Compared to the current rates, short-term capital gains (STCG) on specific financial assets will now be taxed at 20%. Long-term capital gains (LTCG) on all financial and non-financial assets will be taxed at 12.5%. The exemption limit for LTCG has been increased from ₹1 lakh to ₹1.25 lakh. Streamlining of Capital Gains · Short-term capital gains (STCG) on specific financial assets will now be taxed at 20%, up from the current rates. · Long-term capital gains (LTCG) on all financial and non-financial assets will be taxed at 12.5%, an increase from the previous rates. · The exemption limit for LTCG has been raised from ₹1 lakh to ₹1.25 lakh.

23-07-2024

Guide

Tax

Income Tax Slabs 2024-25 Budget Updates: Changes in New Regime

Finance Minister Nirmala Sitharaman announced several changes to the new income tax regime in her Union Budget 2024 speech. Key updates include: New Income Tax Slabs for FY 2024-25 Hike in Standard Deduction: Increased from Rs 50,000 to Rs 75,000 Tax Slab Adjustment: The 5% tax rate now applies to income up to Rs 7 lakh, raised from Rs 5 lakh Revamped Capital Gains Tax Regime: Increased tax rates No changes were announced for the old income tax regime as the government aims to incentivize the new regime. Key Expectations Not Met: A proposal to raise the 30% tax rate threshold from Rs 15 lakh to Rs 20 lakh was anticipated to benefit the middle class but still needs to be implemented. Changes in Section 80C, Section 80D, and Section 80TTA for savings and investments, medical insurance, and interest on bank deposits were expected but have yet to materialize. Additional benefits for senior citizens, such as a higher basic exemption limit under the new tax regime, were also anticipated but have yet to occur. Income Tax Budget 2024 Updates: Understanding the Tax Changes The Finance Minister has announced major changes in personal taxes, aiming to benefit the middle class and pensioners. Under the new tax regime, the personal income tax standard deduction will increase from Rs 50,000 to Rs 75,000, and the deduction for family pensions will rise from Rs 15,000 to Rs 25,000. Additionally, the revised tax slabs in the new regime are expected to result in tax savings of Rs 17,500 for individuals. Taxpayers to Save Rs 17,500! Regarding Personal Income Tax Rates, I have two announcements for those opting for the new tax regime. First, the standard deduction for salaried employees will be increased from Rs 50,000 to Rs 75,000. Similarly, the deduction on family pensions for pensioners will be enhanced from Rs 15,000 to Rs 25,000. This will provide relief to about four crore salaried individuals and pensioners. Secondly, the tax rate structure in the new tax regime is proposed to be revised as follows: · Income up to Rs 3 lakh: NIL tax· Income from Rs 3 to 7 lakh: 5% tax· Income from Rs 7 to 10 lakh: 10% tax· Income from Rs 10 to 12 lakh: 15% tax· Income from Rs 12 to 15 lakh: 20% tax· Income above Rs 15 lakh: 30% tax Due to these changes, a salaried employee in the new tax regime can save up to Rs 17,500 in income tax," said Finance Minister Nirmala Sitharaman.

23-07-2024

Guide

A Step-by-Step Guide on How to Apply for Ayushman Card

Access to quality healthcare has long been a pressing issue in a country as vast and diverse as India. However, initiatives like the Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB-PMJAY) have transformed the healthcare landscape, offering financial protection and medical benefits to millions of individuals and families. Central to this program is the Ayushman Card, a vital tool for availing benefits under the scheme. In this blog, we'll walk you through the process of applying for the Ayushman Card: Understanding the Ayushman Card: The Ayushman Card, or the Ayushman Bharat Golden Card, is a unique identification card issued to eligible beneficiaries under the AB-PMJAY scheme. It serves as proof of Eligibility and facilitates cashless and paperless access to healthcare services at empanelled hospitals and healthcare centres across India. Step-by-Step Guide on 'How to Apply for the Ayushman Card': 1. Check Eligibility: Before applying for the Ayushman Card, ensure that you meet the eligibility criteria outlined by the AB-PMJAY scheme. Eligibility is primarily based on socio-economic factors, and beneficiaries are identified through predefined categories such as deprivation scores, household income criteria, and inclusion criteria for vulnerable populations. 2. Visit the Nearest Healthcare Center or Common Service Center (CSC): Locate your area's nearest healthcare centre or Common Service Center (CSC). These centres serve as facilitation points for the AB-PMJAY scheme and can assist you with the application process. 3. Provide Required Information and Documents: Upon reaching the healthcare center or CSC, you must provide the necessary information and documents for the application. This may include identification documents such as an Aadhaar card, ration card, voter ID, or any other government-issued identity proof and details regarding your socio-economic status. 4. Fill out the Application Form: Fill out the Ayushman Card application form accurately and completely. The form typically requires your name, age, address, family details, income details, and other relevant information per the guidelines. 5. Verification Process: Once the application form is submitted, a verification process will be conducted to validate your Eligibility for the scheme. This may involve verifying documents and socioeconomic status to ensure compliance with the AB-PMJAY criteria. 6. Issuance of Ayushman Card: Upon successful verification, you will be issued the Ayushman Card containing your unique beneficiary identification number (UBID) and other pertinent details. The card proves Eligibility and entitles you to cashless healthcare services under the AB-PMJAY scheme. Conclusion: Applying for the Ayushman Card is a straightforward process that begins with checking your Eligibility and culminates in receiving the card that grants you access to quality healthcare services. By following these steps and leveraging the assistance provided by healthcare centres and CSCs, eligible individuals and families can unlock the benefits of the AB-PMJAY scheme, ensuring better health and well-being for all.

23-07-2024

Guide

A Guide to Ayushman Bharat Card Download

In a country as populous and diverse as India, ensuring access to quality healthcare remains a monumental challenge. Recognizing this need, the Government of India launched the Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB-PMJAY), a ground-breaking healthcare initiative to protect vulnerable households financially. At the core of this initiative lies the Ayushman Bharat card, a key tool for beneficiaries to avail themselves of the scheme's benefits. Let's delve into the process of Ayushman Bharat card download and its significance: Understanding the Ayushman Bharat Card: The Ayushman Bharat card, or the PMJAY card, is a gateway to comprehensive healthcare coverage under the AB-PMJAY scheme. Issued to eligible beneficiaries, this card contains crucial information such as the unique beneficiary identification number (UBID) and biometric details, facilitating seamless access to cashless healthcare services. Importance of Ayushman Bharat Card Download: Accessing healthcare benefits under AB-PMJAY begins with obtaining the Ayushman Bharat card. The card serves as proof of eligibility and facilitates identification at empaneled hospitals and healthcare centers nationwide. Whether seeking primary care or specialized treatments, possessing the Ayushman Bharat card is essential for availing cashless medical services under the scheme. Steps for Ayushman Bharat Card Download: Obtaining the Ayushman Bharat card is a straightforward process, typically facilitated through the following steps: Registration: Eligible households can register for the AB-PMJAY scheme through designated channels, including Common Service Centers (CSCs), Ayushman Bharat kiosks, or online portals. Verification: Upon registration, beneficiary details are verified to determine scheme eligibility. This verification process may involve providing necessary documents and biometric information for authentication. Issuance of Ayushman Bharat Card: Once verified, beneficiaries are issued the Ayushman Bharat card containing the UBID and other pertinent details. This card serves as a lifelong entitlement to healthcare benefits under AB-PMJAY. Ayushman Bharat Card Download: Beneficiaries can download a digital copy of the Ayushman Bharat card from the official PMJAY website or mobile application. This digital card provides easy access to beneficiary information and can be presented at healthcare facilities when seeking treatment. Conclusion: The Ayushman Bharat card symbolizes more than just a piece of identification; it represents access to quality healthcare and financial security for millions of vulnerable households across India. By streamlining the process of downloading and issuance, the government aims to ensure that beneficiaries can avail themselves of healthcare services with ease and dignity. As the AB-PMJAY scheme continues to expand its reach and impact, the Ayushman Bharat card remains a tangible manifestation of the government's commitment to the well-being of its citizens. Ayushman Bharat paves the way for a healthier and more equitable future for India through its inclusive approach and emphasis on healthcare access for all.

23-07-2024

A Comprehensive Guide to Pradhan Mantri Jan Arogya Yojana (PMJAY) Registration

In a country as populous and diverse as India, access to quality healthcare has long been a challenge for millions. Recognizing this pressing need, the Government of India launched the Pradhan Mantri Jan Arogya Yojana (PMJAY), a landmark healthcare initiative providing financial protection and medical assistance to economically vulnerable households. Central to this initiative is the PMJAY registration process, which allows individuals and families to avail themselves of healthcare benefits under the scheme. This blog will provide a detailed guide to PMJAY registration, empowering individuals to navigate the healthcare system easily. Understanding Pradhan Mantri Jan Arogya Yojana (PMJAY): PMJAY, also known as Ayushman Bharat, is the world's largest government-funded healthcare scheme. It provides health coverage of up to ₹5 lakh per family per year to eligible beneficiaries. Launched to ensure universal healthcare access, PMJAY offers cashless and paperless medical treatment at empanelled hospitals and healthcare centres across India. Key Objectives of PMJAY Registration: Universal Coverage: PMJAY registration aims to extend healthcare coverage to economically vulnerable households identified through predefined socio-economic criteria, ensuring that no one is left behind in essential medical services. Financial Protection: By enrolling in PMJAY, individuals and families gain access to financial protection against catastrophic healthcare expenses, thereby mitigating the risk of impoverishment due to medical emergencies. Healthcare Empowerment: PMJAY registration empowers individuals to take control of their health and well-being by providing access to a wide range of medical services, including hospitalization, surgeries, diagnostics, and follow-up care. Steps for Pradhan Mantri Jan Arogya Yojana (PMJAY) Registration: The PMJAY registration process involves the following steps: 1. Check Eligibility: Before initiating the registration process, individuals must ensure they meet the eligibility criteria outlined by PMJAY. Eligibility is primarily based on socio-economic factors, and beneficiaries are identified through predefined categories such as deprivation scores, household income, and vulnerability status. 2. Visit the Nearest Registration Center: Locate the nearest PMJAY registration centre in your area. These centres are typically set up at government hospitals, health centres, Common Service Centres(CSCs), or designated outreach locations. 3. Provide Necessary Information: Upon reaching the registration centre, provide necessary information and documents for the registration process. This may include identification documents such as an Aadhaar card, ration card, voter ID, or any other government-issued identity proof and details regarding your socio-economic status. 4. Fill out the Registration Form: Fill out the PMJAY registration form accurately and completely. The form typically requires your name, age, address, family details, income details, and other relevant information per the guidelines. 5. Verification Process: Once the registration form is submitted, a verification process will be conducted to validate your Eligibility for the scheme. This may involve designated authorities verifying documents and socio-economic status. 6. Issuance of PMJAY Card: Upon successful verification, you will be issued the PMJAY card containing your unique beneficiary identification number (UBID) and other pertinent details. The card proves Eligibility and entitles you to cashless healthcare services under the PMJAY scheme. Conclusion: PMJAY registration is crucial to ensuring universal healthcare access and financial protection for millions of individuals and families across India. By following the steps outlined in this guide and leveraging the assistance provided by registration centres and government authorities, eligible beneficiaries can unlock the benefits of PMJAY, paving the way for a healthier and more prosperous future for all. As India continues its journey towards universal health coverage, initiatives like PMJAY are pivotal in reshaping the healthcare landscape and ensuring that no one is left behind in accessing essential medical services.

22-07-2024

How To?

Obtaining an Income Certificate in India: A Simplified Guide

An income certificate is an official government document verifying your annual income from all sources. This includes salary, pensions, property income, rent, and overseas remittances. It serves as important proof of your financial position and is required for various purposes such as: · Educational benefits: Secure financial aid, scholarships, or seat reservations in educational programs. · Government assistance: Apply for government schemes, subsidies, or financial support programs. · Loan applications: Improve your eligibility for loans offered by government programs or private institutions. · Tax benefits: Claim tax reductions based on your income bracket. Applying for an Income Certificate: Online and offline are the two ways to apply for an income certificate. Online Application: Many states offer online application options through dedicated government websites. The process typically involves: 1. Website Registration: Create an account on the relevant state/district web portal using a unique username, password, and registered phone number. 2. Application Initiation: Locate the "Apply for Income Certificate" section and initiate the online application form. 3. Information Entry: Fill in the required details, including: o Personal information (name, age, address, etc.) o Identity proof (Aadhaar card, voter ID, etc.) o Income proof (salary slip, IT return, Form 16, etc.) o Affidavit declaring the truthfulness of the information provided. 4. Supporting Documents: Upload scanned copies of the required documents per the state's guidelines. 5. Fee Payment: You can pay the nominal application fee online (the amount may be different in every state). 6. Status Tracking: Once submitted, you can track your application status by logging in with your registered phone number and accessing the "Get Status" page. Enter the application reference number for updates. Offline Application: The traditional method involves visiting the local tehsildar's office or the designated authority in your district. Here's what to expect: 1. Application Form: Obtain the application form for an income certificate from the concerned government office. 2. Document Preparation: As said in the online application process, collect all the necessary documents (proof of identity, income, address, etc.). 3. Application Submission: Submit the completed application form and the required documents at the designated counter. 4. Fee Payment: Pay the application fee in cash (amount varies by state). 5. Certificate Collection: The income certificate will be issued within 10-15 working days after verification. Important Documents: · Income Proof: o Salary certificate/statement (government employees) o IT return/Form 16 (non-government employees) o IT return/affidavit (self-employed/business owners) · Address Proof: Voter ID, Aadhaar card, driving license, passport, ration card with photo, etc. · Identity Proof: Aadhaar card, voter ID, passport, etc. · Optional Documents: Photo and documentary proof to obtain the certificate (if applicable). Additional Tips: · Check if the institution or program you're applying to has a specific format for the income certificate. · Download the application form from the related state government website (if available). · Explore eDistrict online services some states offer for a simplified application process.

22-07-2024

Know More

Tax

The Income Tax Act of 1961: A Guide for Taxpayers

The Income Tax Act of 1961 is the foundation of income tax collection in India. Enacted by the Parliament of India, this Act serves as a rulebook outlining everything related to income tax – who needs to pay it, how much they owe, and ways to reduce their tax burden potentially. Taxable Income The Act defines what forms the taxable income for individuals and businesses. This includes income from sources: · Salary earned from employment · Profits generated from your business or profession · Interest received on investments like fixed deposits or mutual funds · Rental income from properties you own Tax Brackets and Rates The Act establishes different tax brackets based on your total income for the year. These brackets determine the tax rate you will be subject to. The higher your income, the higher the tax rate you'll pay. The Income Tax Department updates these tax rates periodically, so staying informed about the current applicable rates is important. Reducing Your Tax Bill: Deductions and Exemptions The Act offers a helping hand by allowing you to claim deductions and exemptions. These can significantly reduce your tax liability. · Deductions: You can subtract these expenses from your total income before calculating your tax. Common deductions include travel allowances for work, medical expenses, interest paid on home loans, and certain investments. · Exemptions: Some types of income are excused from taxation under the Act. These exemptions may apply to income from agricultural sources for specific limits, student scholarships, and disability pensions. Beyond the Basics: Key Sections of the Act The Income Tax Act is a comprehensive document with various sections governing specific tax filing aspects. Here are a few noteworthy sections: · Section 14: This section categorizes income under five heads - Salaries, Income from house property, Profits of business, Capital gains, and Income from other sources. · Section 80: This section details different deductions taxpayers can claim to reduce their taxable income. · Section 16: This section deals with tax deducted at source (TDS), which is a system where tax is deducted from your income at the source, such as your salary or interest payments. · Section 139: This section specifies the deadlines for filing your income tax return each year.

22-07-2024