Chapter 5 Income from Salary & Deductions
Chapter 5 Income from Salary & Deductions
Last updated at Dec. 16, 2024 by Teachoo
Transcript
Employee Company Job 50000 pm Cheque 50000 1950 TDS=48050 How is This TDS Calculated? How does Employee Fill ITR Amt Monthly Salary 50000 Annual Salary Less: Standard Deduction Income From Salaries Income from House Property Income from Other Sources Gross Total income Less Deduction Under Chapter VIA 80C Net Total income Tax Rebate Net Tax Cess @ 4% Tax+Cess TDS(TAX+CESS/12) 600000 50000 550000 0 0 0 550000 22500 0 22500 900 23400 1950 Annual Salary 600000 Less: Standard Deduction Income From Salaries Income from House Property Income from Other Sources Gross Total income Less Deduction Under Chapter VIA 80C Net Total income Tax Rebate Net Tax Cess @ 4% Tax+Cess Less Annual TDS (1950*12) Balance Tax 50000 550000 0 0 0 550000 22500 0 22500 900 23400 23400 0