How do I calculate tax on my salary in 2020?

The calculation of income tax that you are liable to pay under the new tax regime can be explained with an example. Suppose your total income in FY 2020-21 is Rs 16 lakh. … S. No.Income slabsIncome tax rate (%)1Up to Rs 2.5 lakhNil2Between Rs 2,50,001 and Rs 5 lakh5%3Between Rs 5,00,001 and Rs 7.5 lakh10%How to calculate income tax for FY 2020-21 – The Economic Times economictimes.indiatimes.com › wealth › tax › articleshow

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What is meant gross salary?

What is meant by Gross Salary? Gross salary is the monthly or yearly salary of an individual before any deductions are made from it . Components such as basic salary, house rent allowance, provident fund, leave travel allowance, medical allowance, Professional Tax etc.

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