View quick summary A study conducted by TaxSpanner brought up some interesting tax paying trends amongst Indian taxpayers: 1. Gender: The Gender based Tax Ratio Composition indicates that females (Average Income = Rs. 5L) are paying lesser tax than males (Average Income = Rs. 6L) due to lower tax slabs and better investments. Percentage of females having “0%” and “upto 5%” … [Read more...] about How India Pays its Tax – Trends
Why you could be paying more tax
View quick summary According to a study conducted by TaxSpanner, the following are the top 5 reasons why you could be paying more tax than your peers: 1. Ignoring HRA exemption Hari and Nari live with their parents. Both work in the same office. They also get the same salary. However Hari pays more income tax than Nari. Why is that? It’s because, Hari pays household expenses to … [Read more...] about Why you could be paying more tax
Are You Paying More Tax Than Your Peers?
View quick summary According to a study conducted by TaxSpanner, the table below shows minimum tax ratios across age and income groups. Note: The percentage figures in the table above represent the average of tax ratios of ITR filers falling in the minimum 10% of each category. Are you paying more tax than your peers? See the top 5 reasons why you may be doing so. … [Read more...] about Are You Paying More Tax Than Your Peers?
Calculating Tax Ratio
View quick summary How much tax can you save? That depends on what your salary is and how smartly you manage it. These are the two elements which determine your tax outgo. So how do you know if you’re paying more taxes? It’s simple; just calculate your tax ratio. Tax ratio = Tax paid / Gross salary The catch here is that the Tax Ratio may sometimes differ for people in the same … [Read more...] about Calculating Tax Ratio
What is Tax Ratio?
View quick summary TaxSpanner’s vision is to empower every individual to gain the advantage of being actively involved in his/her financial life. An individual’s tax return mirrors one’s financial affairs. The understanding of your financial lifestyle starts with your tax return. We believe that if one is able to understand and prepare one's tax return independently, half of … [Read more...] about What is Tax Ratio?
