03-03-2011, 08:52 PM
HOW TAX IS DEDUCTED FROM SALARY ON MONTHLY BASIS OR CALCULATE ON ANNUL Y . IF THERE IS INCREMENT IN THE YEAR.
FOR EXAMPLE A EMPLOYEE SALARY IS 40,000/-
IN MONTH OF FEB THERE IS INCREMENT OF 1,500/-
SO THE TAXABLE SALARY IS 41,500/-
TAX WILL BE CALCULATE LESS 10% MEDICAL ALLOWANCE.
FOR EXAMPLE A EMPLOYEE SALARY IS 40,000/-
IN MONTH OF FEB THERE IS INCREMENT OF 1,500/-
SO THE TAXABLE SALARY IS 41,500/-
TAX WILL BE CALCULATE LESS 10% MEDICAL ALLOWANCE.