Income tax filing guidelines and new tax slabs have experienced major developments this week impacting how households manage their monthly budgets and this could potentially redefine the core standards of standard financial planning.

The deadline for filing income tax returns is approaching fast, prompting taxpayers to gather necessary documents.

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Section 80C deductions remain a key focus for tax planning under the old regime, covering options like PPF and ELSS. Tax experts encourage early filing to avoid last-minute portal technical glitches.

New tax slabs offer lower tax rates but eliminate major exemptions, making it simpler for salaried professionals to file. Interactive calculators are available online to help determine the most beneficial option.