Chapter 5 Income from Salary & Deductions
What is Standard Deduction Amount
What is Gross Total income with Example
What are Deductions and Net Total Income with Example
Treatment of Saving Int and Section 80TTA
Treatment of FD Int and Section 80TTA
Treatment of Medical Insurance and Section 80D
Treatment of PF in Section 80C
Diff Saving Options in Section 80C
Treatment of Housing Loan Principal and Interest
Section 80G Deduction When 100% & When 50%
How is TDS Calculated on Employee Salary
What is Form 16 Part A and Part B
How does Employee File ITR on Basis of Form 16
Chapter 5 Income from Salary & Deductions
Last updated at April 16, 2024 by Teachoo
Salaried They Pay Tax on Income before expenses Income 1000000 Less Tax 200000 Balance 800000 Less Expenses 600000 Savings 200000 Business They pay tax on Profit After expenses Income 1000000 Less Expenses 600000 Profit 400000 Less Tax 80000 Savings 320000 They Pay more Tax They Pay less Tax To give them some tax benefit, govt gives them Standard Deduction of 50000 No Standard Deduction for Business