I have the following doubts in calculating Income Tax, please help me on this.
1. On how much amount should we calculate, if employee CTC is Rs.3,00,000/pa.
(as checked in IT slabs, it says <250,000 no tax, 250000 to 500000 is 10%) so my actual doubt is should we calculate tax on total 3L or 50k(difference amt from 3L-2.5L). please suggest.
2. If employee CTC is 240,000 or below IT slabs(i.e., <2,50,000), then employer should issue form 16.
3. An employee (when his salary is Rs.3L) has taken LOAN from company(as its a small company and employee having good credibility, so management gave him 1,00,000 loan), which will be deducted EMI: 5000pm. So my doubt is how that employee can show to IT Dept for exception in Income tax returns. Suggest me with, what all documents he should submit to IT dept or what docs he should from employer.
4. When an employee salary is Rs.5,20,000, then IT slabs shows the tax deductions should be Rs. 30,000/- + 20% of the amount by which the total income exceeds Rs. 5,00,000/-. Please advice me what is Rs.30,000 and also the 20% tax should we calculate on total 5L or difference amount of Rs.20,000.
I really appreciate if you can help me with the above.