Save Income Tax on Salary Income

Understand Salary and its components - Basic, HRA, Travel Allowance, PF, Standard Deduction. Difference bewteen CTC & take home salary. Tax exemptions & benefits.

Updated on:  
25min

Contents

  1. Salary Income

1. Salary Income

The moment the financial year comes to an end all the individuals start bothering about their tax returns. It is very important to know about the tax system, the income calculation and the slab rates so that the calculation of the tax amount becomes simpler. There are five heads of income –

Frequently Asked Questions

Q- Is pension a part of the salary?

Ans: Pension is included in your salary. Under the contract of employment pension is covered up and is taxed under the heading of salary. But if the pension is paid out of any insurance product then it is placed under the heading of income from other sources.

 

CEO Krishna Gopal

Krishna Gopal Varshney is a Chartered Accountant by profession & entrepreneur by passion. He is the co-founder & CEO of Myitronline.com. Myitronline is amongst the top emerging startups of Asia and authorized ERI by the Income Tax Department. A dedicated and tireless Expert Service Provider for the clients seeking tax filing assistance and all other essential requirements associated with Business/Professional establishment. Connect to us and let us give the Best Support to make you a Success. ”

Krishna Gopal Varshney
Co-founder & CEO