The conversation between human and AI assistant.
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?
That sounds straightforward enough. Is there anything else that factors into the calculation?
Yes, there are a few other things that can come into play. For example, if person X has any deductions or exemptions such as under Section 80C, 80D, or 80G, it can impact his income tax liability. And for PF, there is also an employer contribution of 12%, which is separate from the employee's 12%.