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by Lxmecommunity on Oct 21, 2022

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A community of women that help you 1. Learn the basics about investing2. Earn money from home3. Invest in the right tools4. Borrow from the right sources 5. Spend wisely - using golden budgeting tips

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I am have a home business and I am earning monthly around 50k. Do I have to file a IT Return? can someone tell me how to go about this?.

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MoneyCoach_BeingLXME

answered 145 days ago

Hey! > There are 2 different tax regimes such as old tax regime and new tax regime > In the new tax regime one has to pay no taxation if his or her income is less than Rs.7 lakh while in the old tax regime, one has to pay no taxation if his or her income is less than 5 lakhs. > Besides, in the old tax regime you can claim tax deductions under various sections by investing in various tax-deductible investment instruments or if you have home loan, etc. > So, you need to assess and calculate your income tax under both regimes and check which tax regimes will be beneficial to you. > Ideally as your income is below 7 lakh (50k*12= 6 Lakh) then you can opt for new tax regime as you’ll have to pay no tax in the same regime. > However, before choosing the tax regime you should calculate their income tax in both tax regimes and choose whichever is beneficial. Hope this helps!! If you have any further questions do let us know we’ll be happy to answer:)

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MoneyCoach_BeingLXME

answered 145 days ago

You can register for the session to know more about Tax filing and savings: https://lxme.onelink.me/95JV/taxfilingsession4

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