How to calculate tax on salary
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
06 December 2011
Can anyone tell me that tax is calculated on gross salary p.a. Or actual salary earned.
13 December 2011
Tax on salary is calculated in the following manner:
Gross Salary
Less: Deductions under Section 10
You will get net salary.
Add: Any other income
You will get Gross Total Income
Less: Deduction under Section 80C,80D,etc.
You will get Taxable Income.
Now calculate tax by applying slab rate.
Gross Salary
Less: Deductions under Section 10
You will get net salary.
Add: Any other income
You will get Gross Total Income
Less: Deduction under Section 80C,80D,etc.
You will get Taxable Income.
Now calculate tax by applying slab rate.
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