How does Employee File ITR on Basis of Form 16
Last updated at April 16, 2024 by Teachoo
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 You are here
Chapter 5 Income from Salary & Deductions
Last updated at April 16, 2024 by Teachoo
Form 16 Employee Company job5000 pm Cheque 50000 1950 TDS=48050 He fills Income Tax Return On Basis of Form 16 If Only form 16 Income No Tax Payable But ITR Filed If Some extra Income Pay Income Tax + File ITR If some extra Deduction TDS Refund on Filing ITR He fills TDS Return He gives Form 16 (TDS Certificate) to Employee Showing Annual TDS 1950*12=23400 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 50000 550000 0 0 0 550000 22500 0 22500 900 23400 23400 0 Particulars Case 1 Only Form 16 income Case 2 Form 16 Income+ Int on FD 3000 Case 3 Form 16 Income+ 80C 150000 Not disclosed to Company 553000 553000 23100 620 600000 50000 550000 0 0 150000 550000 400000 7500 - 23400 0 0 23400 Tax Rebate Net Tax Cess @ 4% Tax+Cess Less Annual TDS (1950*12) Balance Tax 0 7500 23100 924 24020 23400 600000 50000 550000 0 3000