Personal Finance What different components in income tax form for salaried employees mean Updated : June 24, 2019 02:25 PM IST For a salaried employee who earns more than Rs 5 lakh per annum is levied a 20 percent tax, as per the changes made in the Interim Budget 2019. Along with all the components that are payable, the income tax law has sections and components where an individual can save on the taxes he or she is liable to pay. Subscribe to Moneycontrol PRO at just Rs.33/- per month for the first year. Use code SUPERPRO. Limited period offer. Available on Web and Android.