MANAGEMENT

Detailed explanation-1: -The total number of allowances claimed is important-the more tax allowances claimed, the less income tax will be withheld from a paycheck; the fewer allowances claimed, the more tax will be withheld.

Detailed explanation-2: -Form W-2. Employers must complete, file electronically or by mail with the Social Security Administration (SSA), and furnish to their employees Form W-2, Wage and Tax StatementPDF showing the wages paid and taxes withheld for the year for each employee.

Detailed explanation-3: -For FY 2022-23, the limit of the standard deduction is Rs 50, 000 in old regime. As per Budget 2023, Salaried taxpayers are now eligible for standard deduction of Rs. 50, 000/-under new tax regime also from Financial Year 2023-24.

Detailed explanation-4: -Eligible LTA Exemption For example, if LTA granted by employer is Rs 30, 000 and actual eligible travel cost incurred by employee is Rs 20, 000, exemption is available only to the extent of Rs 20, 000 and balance Rs 10, 000 would be included in taxable salary income.