![]() ![]() If TDS is deducted by your employer, this amount is subtracted from your total tax liability.Tax is calculated (Point no 12) on this amount based on your tax slab. The totals of qualifying deductions (Aggregate of deductible amounts under Chapter VI A : Point no 10) are reduced from your Gross Income (Point no 8)to arrive at the ‘Taxable Income’ (point no 11).(You would have submitted investment proofs for claiming tax deductions to your employer, these tax deductions are listed here) Then the deductions under other sections such as 80D (health insurance premium), 80E (interest on education loan), 80G (donations), and others are provided.Next, deductions Under Sections 80c / 80 ccc / 80 ccd are provided.(Other income can be negative income ie loss from your house property or capital gains etc.,) Gross Income is Salary income + any other income reported by you.(Includes salary – Allowances and deductions (like LTA /HRA / Professional tax etc) Income Chargeable under the head of ‘Salary’.(If you have worked for two or more companies in a financial year, you will have multiple form 16s) This section also gives you details about the ‘period of employment’.(This summary can be quarterly / monthly basis or on the periodicity of how your employer deducts TDS and credits the tax to the IT department) Part A provides the summary of TDS deductions.If financial Year or previous year is 2014-15, assessment year would be 2015-16) Assessment Year (the year in which your tax liability is calculated for the income earned in the previous year.PAN no and TAN no (Tax deduction account number) of your employer (the Deductor).It has two sections, ‘ PART A’ & ‘ PART B’.
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