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How is the income tax and PF calculated in India? For example: person X is getting 6 lakhs per annum. How is the PF calculated for him?
Can you explain how the income tax and PF are calculated in India?
Sure. The income tax in India is calculated based on the income you earn in a financial year. The PF, or provident fund, is a portion of your salary that is deducted by the employer and contributed towards your retirement savings. It's also calculated based on your annual income.