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 ...
What is the Income Tax Slab Rate for FY 2023-24? To figure out the income tax on your salary, start by looking at the tax slabs set by the Income Tax Department of India for the financial year. For individuals (Age < 60 years) ...
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...
Thus Section 89 under the Income Tax Act has been incorporated by the Government which comes as a benefit in this context as this law permits thetax deductionfor the other tax burden on the employees obtaining the salary arrears. As per section 89(1), the tax deduction/relief has been furn...
Mr Joe’s salary lies between 2,50,001- 5,00,000 comes beneath the 10% tax slab. 10% of His income attains at Rs. 3,60,074. Post to the income tax deduction and other professional deductions, he can obtain Rs. 3,24,006.6 All the earnings and deduction components will see in your...
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 ...
TThe assumption is that the education cess is2%of the tax on total taxable income. Go toC13and use the following formula =C12*2% Hit Enter. Step 5 – Calculate the Tax Liability for the Year Go toC14and use the formula: =SUM(C12:C13) ...
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...
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 ...
The minimum TRCA for 5 hours/level 2 in the TRCA slab is Rs. 14500 /- GDS salary per month and max to Rs. 35,480/-. The detailed salary structure can be understood from the table mentioned here. Working Hours Basic Increment/DA(11%) Gross Salary P Tax EDGIS 3 Hours Rs. 2045 ...