MANAGEMENT

Detailed explanation-1: -Gross salary is the monthly or yearly salary of an individual before any deductions are made from it.

Detailed explanation-2: -Gross pay is what employees earn before taxes, benefits and other payroll deductions are withheld from their wages.

Detailed explanation-3: -Income from salary includes transport allowance, special allowance, basic salary, and house rent allowance. Individual components like telephone bill reimbursement, leave travel allowance, a portion of HRA was exempt from income tax on salary in the old regime.

Detailed explanation-4: -A deduction is an expense that can be subtracted from taxable income to reduce the amount owed. Most taxpayers who take the standard deduction only need to file Form 1040. Taxpayers who itemize deductions must use Schedule A Form 1040 to list all of their allowable deductions.

Detailed explanation-5: -The payer has to deduct an amount of tax based on the rules prescribed by the income tax department. For instance, An employer will estimate the total annual income of an employee and deduct tax on his Income if his Taxable Income exceeds INR 2, 50, 000. Tax is deducted based on which tax slab you belong to each year.