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How To Calculate Tax From Salary Income?

QUERY: X is in employment of of A Ltd. drawing salary of Rs. 4,20,540/-. During the year, he contributes Rs. 30,000/- to PPF. He has disclosed the following additional information to the employer:-


Professional income from Consultancy (Net) 50,000

TDS u/s. 194J on consulting income 20,000

Losses under the head House Property (1,40,000)

Loss under the head Short Term
Capital Gain (5,000)

Donation covered u/s. 80G 50,000

What will be the withholding tax liability and how will it be calculated by the employer?
ANSWER: Click here to read the full answer of the expert

– As per S. 192(2B), where an employee having any income chargeable under the head “Salaries” has in addition, any income chargeable under any other head of income for the financial year, he may send to his employer, a statement of particulars of such other income and the tax, if any, deducted thereon and also the loss, if any, under the head “Income from house property”

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