How to calculate Salary Income Tax
Posted by efiling on April 3rd, 2018
It always feels good to get your salary. Doesn’t it? So, why shouldn’t pay tax on your income to feel good too?
Keep reading to clear all your doubts on salary-related income tax.
In India, income tax deduction by employers on the salary of employees is done mandatorily. The employer needs to deduct the applicable amount of income tax based on the estimated income of the employee and deposit the same with the government.
As this tax is deducted by the income provider, income tax paid at the source can also be called TDS (Tax Deducted at Source).
The fiscal year 2017-18 tax-slab rates are as follows:
The government provides tax exemption (under Section 80C and 80D) which allows a person to apply for exemption on the tax that is based on the kinds of investment he has made in that financial year. We can begin by subtracting the exemption amount from total annual earnings.
It is important for the employee to get a declaration and proof from individuals to approve tax exemption. The categories mentioned below are applicable for exemption:
Medical Allowance – This is applicable when the employee produces medical bills for tax exemption
You don’t have to be a math genius to do your taxes! You can easily hire a tax expert. We, at AllIndiaITR, guarantee you the best rates in the market for highly professional financial services like income tax efiling, online TDS payment, income tax return, NRI plan, income tax refund, income tax login, etc.Also See: Income Tax, 00 000, Rs 5, Rs 10, Tax, Rs, Income
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