BANGALORE: The financial year 2013-2014 is about to end, what are your plans on saving tax this fiscal? If you have yet not planned for saving Income tax then you don’t have much time now for tax planning.  Most probably you might have started getting calls from your accounts department for submitting your tax details. Be calm and don’t take any financial decision in a hurry, always plan. Investment done without planning and knowledge can turn in to a disaster. Try to carry out independent analysis before making any investment. Checkout the ways listed below to save your tax this fiscal.

1. Tax slabs same for men and woman: According to the new income tax slab for 2014, basic tax exemption limits are the same for both men and women. People having annual income up to 5 lakh will get a tax credit of 2000 this financial year. There is no much change in slab rates they remain the same as of last year. The 10 percent tax slab now starts from 2,00,000 to Rs 5,00,000, the 20 percent tax slab is from 5,00,001 to 10,00,000 and  30 percent tax slab  starts from 10,00,001. Thus for both men and women the tax slab is the same which is 30 percent and a person with minimum income of 2 lakh will have to pay no tax.

Read More:

Term Plans: A Better Option than Life Insurance Policy

Sensex Closes Flat; IT Stocks Down