Tax and money questions, answered clearly

Short answers to the money and tax questions people in India ask most often. Each answer states the law and year it applies to and links to official sources.

What is the “Tax Year” under the Income-tax Act, 2025? The Tax Year is the financial year, from 1 April to 31 March, in which you earn your income. It replaces the old "previous…
Is income up to Rs 12 lakh really tax-free? Under the new tax regime, a resident individual whose taxable income is Rs 12 lakh or less pays no income tax, because a rebate…
When do I need to pay advance tax, and by when? If your tax for the year, after TDS, is Rs 10,000 or more, you pay advance tax in instalments: 15% by 15 June, 45%…
New or old tax regime: which one is better for me? It depends on how much you can claim in deductions and exemptions. The new regime has lower rates and a larger rebate but few…

Have a question we have not covered? Suggest a topic. We cannot answer questions about individual situations, but we read every suggestion.