How to Calculate Your Income Tax on Salary

Introduction

To begin with, note down your total annual salary you get, including all allowances such as House Rent Allowance (HRA), Leave Travel Allowance (LTA), special allowances, like food coupons and mobile reimbursements etc.

Exemptions

Then, list out the exemptions provided to you on your salaries, such as HRA, LTA and Travel Allowance.

Income from Other Sources

Next, you have to add income that you have received from other sources such as rental income, interest earned from deposits, capital gains you might have received etc. This amount is your total gross income.

Now Click Read More To Get All The Steps in Details With Example

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