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You do not have to pay tax, but you should file Income Tax Return (ITR)
The Income Tax Savings Report provides a snapshot of your income taxes, highlighting maximum possible tax savings and suggestions for filing taxes through old or new regime.
You do not have to pay tax, but you should file Income Tax Return (ITR)

As your income is less than Rs 7,00,000, you will not have to pay any tax under "New Regime". Under the "New Regime", deductions for various investments or insurances are not allowed.

Under "Old Regime", you will not have to pay any taxes if you are earning below Rs 5,00,000.

Even though you do not have to pay tax, we strongly recommend to file Income Tax Return (ITR), especially if your income is above Rs 2,50,000. Not filing of income tax returns may invite a notice from Income Tax Department. Also, Income Tax Return is an important document which acts as your income proof, especially if you want to avail a loan, get benefits under some government or get a visa.

There are 7 key aspects which determine your tax amount:

  • Investments
  • HRA & Rent
  • Home Loan
  • Education Loan
  • Electric Vehicle Loan
  • Health Expenditures
  • Donations

Even though you don’t have to pay any tax right now, we have provided more information about these aspects further in the report. You can use this information to plan your taxes when your income goes above Rs 7,50,000.