Additionally to previous answers.
1) You can try to use user-defined variables:
SELECT
@earnings := (`house_rent`+`conveyance`+`medical`+`dearness`+`others_allowances`) AS earnings ,
@deductions := (`income_tax`+`pro_tax`+`emp_state_insu`+`absence_fine`+`others_deductions`) AS deductions,
@earnings - @deductions AS net_salary
FROM
salary
-- , (SELECT @earnings:=0, @deductions:=0) vars
Documentation do not guarantee the calculations order, but in practice all calculations are performed from left to right.
2) If your MySQL version is 8+, you can use CTE:
WITH cte AS (
SELECT
(`house_rent`+`conveyance`+`medical`+`dearness`+`others_allowances`) AS earnings,
(`income_tax`+`pro_tax`+`emp_state_insu`+`absence_fine`+`others_deductions`) AS deductions
FROM
salary
)
SELECT earnings, deductions, (earnings - deductions) AS net_salary
FROM cte;