Hi Sir,
I would like to know what components of the salary are taxable. For example, CTC is divided into Basic, HRA, Conveyance, etc. Are these components taxable (basic and HRA) apart from special allowance? Please help me with this. Also, how is income tax calculated, what are the slabs, and will it be calculated on the special allowance left after basic, HRA, and conveyance? I would be grateful if you could assist me with this.
I am curious to know whether the basic salary is taxable and how much of the special allowance is taxable. For instance, if the CTC of ABC is 20,000 PM, then the salary breakdown will be as follows:
Basic Salary - 8000
HRA (Metro) - 4000
Conveyance - 800
PF Contribution gets deducted for both the employer and employee, and then the rest goes to Special allowance.
I would like to know how much tax amount will be applicable to ABC and how much he needs to pay as tax.
Regards
From India, Gurgaon
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I would like to know what components of the salary are taxable. For example, CTC is divided into Basic, HRA, Conveyance, etc. Are these components taxable (basic and HRA) apart from special allowance? Please help me with this. Also, how is income tax calculated, what are the slabs, and will it be calculated on the special allowance left after basic, HRA, and conveyance? I would be grateful if you could assist me with this.
I am curious to know whether the basic salary is taxable and how much of the special allowance is taxable. For instance, if the CTC of ABC is 20,000 PM, then the salary breakdown will be as follows:
Basic Salary - 8000
HRA (Metro) - 4000
Conveyance - 800
PF Contribution gets deducted for both the employer and employee, and then the rest goes to Special allowance.
I would like to know how much tax amount will be applicable to ABC and how much he needs to pay as tax.
Regards
From India, Gurgaon
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Hi!
The CTC is divided as follows:
- Basic
- HRA
- DA
- Medical allowance
- Transport allowance
- Special allowance
--------------------
Gross salary
--------------------
- Employer contribution to PF
- Employer contribution to ESI
- Perks (credit cards, free meals, telephone charges, free house, water, electricity supply, etc.)
----------
CTC
----------
Gross salary:
Less:
1) Employer contribution to PF
2) Employer contribution to ESI
3) Professional tax
4) TDS
--------------
Net salary
--------------
Please find the attached tax calculation slab:
Income Tax %
Up to 110,000 0
110,000-150,000 10%
150,000-250,000 20%
Above 250,000 30%
Have a nice day.
Ram
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7The CTC is divided as follows:
- Basic
- HRA
- DA
- Medical allowance
- Transport allowance
- Special allowance
--------------------
Gross salary
--------------------
- Employer contribution to PF
- Employer contribution to ESI
- Perks (credit cards, free meals, telephone charges, free house, water, electricity supply, etc.)
----------
CTC
----------
Gross salary:
Less:
1) Employer contribution to PF
2) Employer contribution to ESI
3) Professional tax
4) TDS
--------------
Net salary
--------------
Please find the attached tax calculation slab:
Income Tax %
Up to 110,000 0
110,000-150,000 10%
150,000-250,000 20%
Above 250,000 30%
Have a nice day.
Ram
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Tax query can i show my wife education and medical expense, as education and medical expense in my return under deduction?
From India, Chandigarh
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From India, Chandigarh
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EMPLOYEE SALARY INCOME TAX CALCULATION.xls x
SALARY CALCULATOR & INCOME TAX.zip