To calculate income tax by usingthe VLOOKUP function, we add an extra column in the income tax slab,Cumulative, which represents the cumulative tax for that particular tax rate. Steps: In cellD5, enter the following function: =VLOOKUP(C5,$B$13:$E$17,4,TRUE)+(C5-VLOOKUP(C5,$B$13:$E...
Income Tax (based on the tax slab) Employee’s Provident Fund Profession tax (depending upon the city) Gratuity Check the table for the SSC MTS In-Hand Salary for the various cities. The SSC MTS Highest Salary is for candidates posted in city X. City Category X Y Z In-Hand Salary ...
Note:As per the income tax slab, there is no tax for individuals having income upto INR 5 lakh post all eligible deductions. If it goes beyond, tax rates will apply. What is the Income Tax Slab Rate for FY 2023-24? To figure out the income tax on your salary, start by looking at...
Income tax is calculated according to the tax-slab on 70% of your salary. For details on eligibility criteria, I found these website useful: http://www.taxpat.com/en/F.A.Q.-s/Questions-Regarding-the-30–Ruling–Netherlands-Tax-Benefit-#1 and http://www.expatax.nl/30ruling.php Non-...
Income Tax (based on the tax slab) Employee’s Provident Fund Profession tax (depending upon the city) GratuitySSC MTS Perks and AllowancesCandidates selected for the post of MTS are entitled to several perks and allowances offered by SSC. Apart from salary, candidates can enjoy various ...
Step 3: Calculate income tax** Once you have taxable income, you can easily calculate income-tax by referring to the income-tax slab and rates provided below: Tax slab The income tax rate is levied based on a slab system under which individuals pay taxes at different rates basis their inco...
The Basic Salary is taxable in case it exceeds the limit of the Income Tax slab drawn by the government. House Rent Allowance (HRA)The Home Rent Allowance (HRA) is an amount paid to the employees by their employer according to the regions they live in and the amount of the salary drawn...
Mr. Toni, falling into the 2.5 lakhs – 5 lakhs income tax slab, experiences a calculated income tax of Rs. 4,030, with a rebate under Section 87A rendering his income tax liability null. Tax Saving Strategies for Different Income Groups ...
the present year for any previous year’s left dues to furnish the amendments. The tax payable for the present year is much more when the other arrear gets added to the income of the prevailing year. This is because of the shift from the income tax slab rate to the higher tax slab. ...
However, You cannot avail of this deduction if the income tax is calculated as per the new tax slab rates, which offers a lower tax rate.Q: Does professional tax and income tax also form part of CTC? Ans: No, professional tax and income tax are purely the payments to be made by ...