Salary Return

A salary is a set amount of cash or remuneration that a company pays to employees for work done while they are employed.

Aside from the base income, other benefits are either fully or partially taxed. Salaried people receive Form 16, which details their earnings and taxes paid in advance. There are also tax-saving choices under various deductions such as sec.80c-eligible investments, charitable donations, etc.

Documents needed

  • Form 16
  • Bank statement copy for the respective financial year.
  • Investment proofs
  • A receipt for rent (for those who lived in rented accommodation)
  • Certificate of interest on a home loan as verification of additional sources of income
  • Details related to other incomes.

What is Form 16

Form 16 is a document that includes all of the information you'll need to finish and file your tax return. It displays the salary income breakdown and the TDS deducted by the employer. The entire thing comprises two parts: Part A and Part B.

What is the purpose of Form 26AS?

Form 26AS summarizes taxes deducted and taxes paid on your behalf. This information is available on the Income-tax department website.

It indicates the amount of tax deducted on your behalf by deductors, as well as the amount of tax deposited by deductors and the amount of tax credit available to the deductee. If the tax liability of the deductee is less than the TDS amount, then the excess amount is a refund claim by the deductee.

What is the definition of a basic salary?

Salary amount received by the employee before any amount is added or payments deducted. Basic salary excludes overtime charges, Bonus and other compensation received from the employer.

This is a fixed income component that serves as the foundation for the rest of your salary, hence the name. It usually accounts for a significant amount of your entire payment. The HRA is calculated as a proportion of the Basic Salary. PF is deducted at a rate of 12% of your basic salary.

What does TDS mean on my payslip?

Your company deducts taxes from your pay and deposits them to the government on your behalf. It's known as TDS. TDS stands for tax withheld at source. Every month, your company deducts a percentage of your wage and pays it to the government on your behalf.Your employer calculates how much TDS must be deducted from your monthly salary based on your overall salary for the year and your investments in tax-saving schemes.

Around June or July, your employer will provide you with a TDS certificate, also known as Form 16, which will show you how much tax was deducted each month.

HRA stands for?

House Rent Allowance (HRA): Salaried individuals who reside in a rented home or apartment can claim HRA to reduce their taxes. This can be tax-free in part or whole. The allowance is for expenses associated with rental housing.Note that your HRA is wholly taxed if you receive HRA but do not reside in a rental unit.

Tax Rates (For the A.Y. 2021-22)

For Individuals

1. Old scheme

For Individual (For age below 60 years) Senior citizen age of 60 years or more but below 80 years Senior citizen of 80 years or more
Total income(Rs.) Tax rate (%)
Total income(Rs.) Tax rate (%)
Total income(Rs.) Tax rate (%)
Up to Rs.2,50,000 Nil
Up to Rs.3,00,000 Nil
Up to Rs.5,00,000 Nil
Rs.2,50,001 to Rs.5,00,000 5% On excess Over Rs.2,50,000
Rs.3,00,001 to Rs.5,00,000 5% On Excess over Rs.3,00,000
5,00,001 to 10,00,000 20% On Excess over Rs.5,00,000
Rs.5,00,001 to Rs.10,00,000 20% On Excess over 5,00,000+ Rs.12,500
Rs.5,00,001 to Rs.10,00,000 20% On Excess over Rs.5,00,000
More than Rs.10,00,000 30% On Excess over 10,00,000
More than Rs.10,00,000 30% On excess over 10,00,000
More than 10,00,000 30% On excess over Rs. 10,00,000

2. New Scheme u/s 115 BAC

Total Income (Rs.) Tax rate
Up to Rs.2,50,000 Nil
Rs.2,50,001– Rs.5,00,000 5%
Rs.5,00,001– Rs.7,50,001 10%
Rs.7,50,001–Rs.10,00,000 15%
Rs.10,00,001–Rs.12,50,000 20%
Rs.12,50,001–Rs.15,00,000 25%
Morethan 15,00,000 30%
Surcharge applicable on Individual
Total Income (Rs.) Surcharge
Up to Rs.50,00,000 Nil
Rs.50,00,001– Rs.1,00,00,000 10%
Rs.1,00,00,001– Rs.2,00,00,000 15%
Rs.2,00,00,001– Rs.5,00,00,000 25%
More than Rs.5,00,00,000 37%

• Marginal relief is available if the tax payable, including the surcharge, is more than the excess income over the limit.

Sec 87A- Rebate available to resident individual
  • Available only to resident individuals
  • Individual total income up to Rs.5,00,000
  • Rebate = Tax payable on total income or Rs.12,500, whichever is less
  • 87A Rebate is not available on tax payable @10% on long-term capital gains under section 112A.


Rs. 199 All inclusive price


  • Salary Income
  • One House Property Income
  • Other Source Income
  • ITR Acknowledgement
  • Expert Support
Rs. 499 All inclusive price


  • Salary Income
  • Arrears Of Salary
  • House Property Income
  • Other Source Income
  • Computation Of Total Income
  • Share Market Income
  • ITR Acknowledgement
  • Computation Of Total Income
  • Expert Support
Rs. 999 All inclusive price


  • Salary Income
  • Arrears Of Salary
  • House Property Income
  • Other Source Income
  • Share Market Income
  • Capital Gain Income
  • Computation Of Total Income
  • ITR Acknowledgement
  • Share Trading Income
  • Expert Support