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 You are here
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
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