One of my staff has earned salary amt 55000/- P/m.and he will make investment in PPF Amt. 150000/- for f.year 19-20.after investment amt. 660000-150000=510000/-.my question is that tds is required deduct on salary.becoz there is no need to pay tax on 5 lac income f.year 19-20
After giving all deductions if your net income is exactly 5 lakh then you have a tax rebate of Rs 12500/-. But if your net income is Rs 500001 then you don't have any rebate you have to pay 12500 as tax.
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