What is Deductions under Chapter VI A ?
The tax system in India is progressive, meaning that as taxpayers' income increases, they end up paying higher taxes. Whereas, the taxpayers who fall into the low to medium tax brackets can save a significant amount of money.
Tax slabs help determine the total taxable income during a fiscal year. However, before you start calculating your taxes, you need to know the income on which tax will be calculated. This is because earned income is not the same as taxable income.