Are you Central Government, State Government or Public Sector Employee earn monthly salary but, not understand how to deduct tax as TDS from Salary each month. To know Income Tax Basics for Salaried Individuals, which are as below:
- What Income you taxed for?
- How much tax do you have to pay?
- What is Form 16?
- What is Form 26AS?
- How can you bring down taxable income with deductions?
- Do you have to file an Income Tax Return?
Before, Tax Calculation Salaried Employee must know about Salary Component, monthly pay will show your Gross Salary and Deductions and then after Home Take Salary. The major factor of Salary are as follows:
- Basic Salary (including Grade Pay or other)
- House Rent Allowances
- Conveyance Allowance
- Special Allowance
- Traveling Allowance
- City allowances
- Other Allowances etc.
Now the big Question is that, How much Tax do you have to pay?
Add you all Income from the above heads. This is your Gross Income and from them deduction under section 80 are allowed to be claimed for exemption.
Know you Tax Liability for Asstt. Year 2017-18 (Click Here)
Add you all Income from the above heads. This is your Gross Income and from them deduction under section 80 are allowed to be claimed for exemption.
Know you Tax Liability for Asstt. Year 2017-18 (Click Here)
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