5 Important Tax Laws Every Indian Should Know

 Title: 5 Key Tax Laws You Must Know as an Indian Citizen


Taxes affect your salary, your shopping, and even your investments. Understanding the basics can help you save money and stay compliant. Here are 5 important tax laws you should be aware of:

1. Income Tax Act, 1961

This is the primary law that governs how your income is taxed. It covers salaries, business income, house property, capital gains, and more.

2. GST Act, 2017 (Goods and Services Tax)

GST replaced multiple indirect taxes like VAT, service tax, and excise. It's a single tax applicable across India on goods and services.

3. TDS (Tax Deducted at Source)

Employers and institutions are required to deduct tax before paying you — be it your salary, bank interest, or professional fees.

4. Advance Tax Rule

If your tax liability exceeds ₹10,000 in a year, you’re supposed to pay tax in installments during the year, not just at the end.

5. Section 80C – The Lifesaver

You can reduce your taxable income by up to ₹1.5 lakh by investing in LIC, PPF, ELSS, and other approved schemes.


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