Do I need to pay income tax extra for the part time money

[Leela Narasimha]

I am a salaried employee. The employer pays tax for me what ever the salary is credited. I also earn money through part time and will get nearly 5 lakhs extra income. Do I need to pay extra tax for that part time.

This year my earnings
Salary I got is 4.5 lakhs per annum
Part time job upto now earned is 5 lakhs per anum ( increased may be by March 2017)

Do I need to pay income tax for the part time job earned. If so how I have to pay income tax

Can you guide me

[DR.MARIAPPAN GOVINDARAJAN]

You have to club both the income of your salary and part time earnings and calculate the tax rate. If any expenditure is incurred for your part time you may deduct the same from your earnings.

After calculation of total tax, you may deduct the tax deducted by your employer and pay the balance tax.

[Ganeshan Kalyani]

Also you need to consider the deduction available under Section 80 of Income Tax Act.

AI Summary

Income tax on combined salary and part time earnings requires aggregating income, claiming expenses and paying tax after TDS. Salaried and part time earnings must be aggregated for tax computation; allowable expenses incurred for the part time work may be deducted from that income. Compute tax on the total income, credit tax already deducted by the employer (TDS), and pay any balance due; consider available Section 80 and other permissible deductions when finalising liability.