Published Jun 30, 2025 3 Min Read

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Introduction (Content format Descriptive, Word count 50 to 80, Reference Url https://cleartax.in/s/income-tax-basics-for-beginners)

Understanding Key Income Tax Terms for Beginners (Content Format paragraph with pointer, Word count 150 to 180, Reference Url https://cleartax.in/s/income-tax-basics-for-beginners)

All About TDS & Calculating Tax Payable

 

  • TDS (Tax Deducted at Source) is deducted before your salary or interest is credited. Banks deduct 10% on FD interest (20% without PAN).
  • You can view your TDS history in Form 26AS.
  • Final tax payable = Tax on income – TDS already paid

Use an FD calculator or income tax calculator to get an accurate estimate and avoid surprises at the time of filing.

Maximise your earnings with stable, compounding returns.
FDs from Bajaj Finance allow monthly, quarterly, half-yearly, yearly or on-maturity payout options—tailored to your income needs. Open FD. 

 

Also Read: What is TDS?

Filing ITR: Picking the Right Form

  • ITR-1: For salaried income up to Rs. 50 lakh
  • ITR-2: For capital gains or income from multiple houses
  • ITR-3: For business or professional income
  • ITR-4: For presumptive income (freelancers, small business owners)

Keep documents like:

  • Form 16
  • Form 26AS
  • Rent receipts
  • Investment proofs

Did you know? You can open a Bajaj Finance FD online in minutes—no paperwork, no branch visits. Invest Now and get up to 7.30% p.a. returns.

Conclusion (Summarise in 50 to 80 words)

Frequently Asked Questions

What are the basic concepts of income tax?

Income tax is levied on earnings, divided into slabs, with provisions for deductions and exemptions. Key concepts include assessment year, taxable income, TDS, and return filing.

How do you calculate income tax for beginners?

Add all income sources, subtract eligible deductions, apply the correct slab rates under the chosen regime, and reduce TDS to get the final tax payable or refund amount.

Can I invest in FDs to grow my salary savings safely?

Absolutely. FDs are a popular choice for first-time investors or salaried individuals. Bajaj Finance offers up to 7.30% p.a., ensuring stable and predictable growth without the stress of market fluctuations. Check latest rates!

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Home > Investments > Income Tax Basics for Beginners

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Disclaimer

As regards deposit taking activity of Bajaj Finance Ltd (BFL), the viewers may refer to the advertisement in the Indian Express (Mumbai Edition) and Loksatta (Pune Edition) furnished in the application form for soliciting public deposits or refer https://www.bajajfinserv.in/fixed-deposit-archives
The company is having a valid Certificate of Registration dated March 5, 1998 issued by the Reserve Bank of India under section 45 IA of the Reserve Bank of India Act, 1934. However, the RBI does not accept any responsibility or guarantee about the present position as to the financial soundness of the company or for the correctness of any of the statements or representations made or opinions expressed by the company and for repayment of deposits/discharge of the liabilities by the company.

For the FD calculator the actual returns may vary slightly if the Fixed Deposit tenure includes a leap year.

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