Income Tax Calculation

Here I will show you how to calculate how much you have to pay Income Tax for a financial year if you have your Form 16 and if you know what is the Income Tax Rate. You need to know also what are the investment areas where you can save Income Tax. Of course there is a limit on investments. For example, the limit of investments is Rs. 1.5 lakh in 80C sections (it includes 80CCC and 80CCD sections). Now when you get Form 16 from Organization, you see the…

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Form 16

We do service in private sectors, public sectors or Government sectors and for this we earn money & draw salary on a monthly basis. So it is our duty to pay income tax based on our annual income. Government has already defined tax rates slab based on income and this rate is revised from time to time in an financial year. Therefore while an Organization deducts a roughly calculated tax on a monthly basis from our salary, the final tax is calculated on a financial year from April to next…

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