Have you ever felt overwhelmed by the complexities of tax planning? Whether you’re preparing for the GIP exam or simply want to understand how income tax slabs, deductions, and capital gains work, this session is your ultimate guide!
In this detailed session, we break down:
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- Income tax slabs under the new regime
- Deductions & exemptions available
- Capital gains tax – long-term vs short-term
- Comparison of old vs. new tax regimes
- Effective tax-saving strategies
If you’re a banker, finance professional, or an aspirant preparing for IIBF certification, this session is tailored for you.
Before we dive in, watch this video for a complete breakdown:
Understanding Income Tax Slabs (New Regime)
What is a Progressive Tax System?
Income tax is progressive, meaning the more you earn, the higher the tax rate you pay. This structure ensures fairness, preventing an excessive tax burden on lower-income groups while ensuring higher earners contribute more to public resources.
Latest Income Tax Slabs (As per Budget 2025)
| Annual Income (₹) | Tax Rate (%) |
|---|---|
| 0 – 3,00,000 | Nil |
| 3,00,001 – 6,00,000 | 5% |
| 6,00,001 – 9,00,000 | 10% |
| 9,00,001 – 12,00,000 | 15% |
| 12,00,001 – 16,00,000 | 20% |
| 16,00,001 – 20,00,000 | 25% |
| 20,00,001 and above | 30% |
Deductions & Exemptions Under the New Tax Regime
Taxpayers opting for the new regime should be aware of limited deductions. However, some key benefits are still available:
- Standard Deduction for Salaried Individuals: ₹75,000
- Pension Deduction: ₹25,000 or 1/3 of pension (whichever is lower)
- Home Loan Interest Deduction (Section 24B): Available if property is rented out
- Employer Contribution to NPS: Deduction up to 14% of salary
- Tax-free Gifts: Up to ₹50,000 annually
Tax Planning Strategies for Maximum Savings
Regardless of the tax regime, effective tax planning can help reduce your liability. Here are some strategies:
- Investing in tax-saving options like ELSS, PPF, and NPS
- Utilizing deductions under Section 80C and 80D
- Choosing the right tax regime based on your financial profile
- Maximizing employer benefits like EPF contributions
- Ensuring proper documentation for all deductions claimed
Conclusion: Smart Tax Planning for a Brighter Future
Tax planning is an essential skill for finance professionals and bankers. By understanding income tax slabs, deductions, and capital gains tax, you can make informed financial decisions and optimize your tax liability.
What’s Next?
- Reassess your tax-saving investments
- Choose the right tax regime based on your income and deductions
- Stay updated with the latest tax laws
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