If you are short on funds to make an investment in ELSS mutual funds for the current financial year, then this trick can help you save tax. Do note that this trick can work provided you have opted for the old tax regime for the current financial year. Read on how this trick works.
TDS on salary: Before paying a salary every employer will deduct tax deducted at source (TDS) and then pay a salary to their employees. However the rate of deduction of TDS is not fixed and it is determined by calculating the average rate of tax of the employee. Read here to know exactly how the calculation for TDS is done.
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Here are a few of the last-minute tax-saving instruments to reduce your taxable income under the old tax regime and save on taxes before the end of the financial year are as follows: