Salary Tax

SALARY INCOME AND TAX IMPLICATIONS FOR AY 2021-22

Salary Income and Tax Implications for FY 2020-21 (AY 2021-22)

What is Salary? “Salary” is a fixed and regular remuneration made by an employer to an employee on a periodic basis. The actual receipt of salary in the previous year is not material as far as its taxability is concerned. The existence of employer-employee relationship is the absolutely essential for taxing a particular receipt under …

Salary Income and Tax Implications for FY 2020-21 (AY 2021-22) Read More »

Useful-Income-Tax-Deductions-to-Save-Taxes1-e30a85e7

Must Know : Allowances & Deductions for Salaried Employees

List of Allowances & Exemptions relevant to Salaried Employees : S.No Section Nature of deduction Amount Whether available in the new regime? 1. 16 Standard Deduction 50,000 Not Available 2. 16 Employment Tax (Professional Tax) Actual Not Available 3. 80C Life Insurance Premium – Self,Spouse, Child Actual (Subject to a limit of 1,50,000 and other …

Must Know : Allowances & Deductions for Salaried Employees Read More »