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
Salaried Individual Seeks Tax Advice for Part-Time Income; Combine Incomes and Consider Section 80 Deductions for Tax Calculation. A salaried individual inquires about tax obligations for additional income from a part-time job, which amounts to approximately 5 lakhs, alongside a 4.5 lakhs annual salary. A respondent advises that both incomes should be combined to calculate the total tax liability, allowing for deductions related to part-time job expenses. Another respondent suggests considering deductions available under Section 80 of the Income Tax Act. After calculating the total tax, the individual should subtract the tax already deducted by the employer and pay any remaining balance. (AI Summary)
TaxTMI 
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TaxTMI 
