Dear HR Skippers, Greetings for the Day!
I would like to know what will be Monthly Tax Deduction of an Employee withdrawing a Gross Salary of Rs.42,000 per month post deductions.
His TDS Declarations are as follows:
1. Monthly Rent � Rs.15,000
2. LIC Premium Paid � Rs.50,000
3. 2 Policies of Rs.25,000 each i.e. Rs.50,000
Request you all to provide an approx/accurate figure of TDS monthly.
As I need to advise the same to my employee.
From India, Bangalore
26I would like to know what will be Monthly Tax Deduction of an Employee withdrawing a Gross Salary of Rs.42,000 per month post deductions.
His TDS Declarations are as follows:
1. Monthly Rent � Rs.15,000
2. LIC Premium Paid � Rs.50,000
3. 2 Policies of Rs.25,000 each i.e. Rs.50,000
Request you all to provide an approx/accurate figure of TDS monthly.
As I need to advise the same to my employee.
From India, Bangalore
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Dear Abhinav Chandra,
You have not mentioned how much basic and HRA amount you are providing to your employees. Normally, companies will follow 40% of Basic and 20% of HRA. I am assuming based on the Gross Salary you mentioned as 42,000/-
Basic = 16,800/-
HRA = 8,400
Gross salary (PA) = 5,04,000/-
Less HRA Exempt = 73,290/-
Conveyance = 9,600/-
Medical Expenditure = 15,000/- (Medical Bills should be submitted)
Gross Salary = 4,06,110/-
Less Dec 80C = 50,000/-
Professional tax = 2,400/-
Taxable Salary = 3,53,710
Tax on salary income = 15,832/-
Thank you.
From India, Bangalore
You have not mentioned how much basic and HRA amount you are providing to your employees. Normally, companies will follow 40% of Basic and 20% of HRA. I am assuming based on the Gross Salary you mentioned as 42,000/-
Basic = 16,800/-
HRA = 8,400
Gross salary (PA) = 5,04,000/-
Less HRA Exempt = 73,290/-
Conveyance = 9,600/-
Medical Expenditure = 15,000/- (Medical Bills should be submitted)
Gross Salary = 4,06,110/-
Less Dec 80C = 50,000/-
Professional tax = 2,400/-
Taxable Salary = 3,53,710
Tax on salary income = 15,832/-
Thank you.
From India, Bangalore
Dear Mr. Prakash,
Thank you for your reply. Please find below the salary details:
Basic: 7,500
HRA: 3,750
Conveyance Allowance: 800
Special Allowance: 29,325
Medical Allowance: 625
GROSS SALARY: 42,000
LTA: 625
Ex-Gratia: 625
PF: 900
Gratuity: 361
CTC per Month: 44,511
Job Location: Delhi
From India, Bangalore
Thank you for your reply. Please find below the salary details:
Basic: 7,500
HRA: 3,750
Conveyance Allowance: 800
Special Allowance: 29,325
Medical Allowance: 625
GROSS SALARY: 42,000
LTA: 625
Ex-Gratia: 625
PF: 900
Gratuity: 361
CTC per Month: 44,511
Job Location: Delhi
From India, Bangalore
Dear Abhinav Chandra,
Please find the attached sheet for salary calculation for FY 12-13 AY 13-14. As per your quoted salary, it is calculated as follows:
Basic Salary: 90,000 (PA)
HRA: 45,000/- (PA)
Conveyance: 8,600/- (PA)
Other Allowances: 3,51,900/- (PA)
Medical Reimbursement: 7,500/- (PA)
Gross Salary Income: 5,04,000/-
Deductions:
HRA Exempted: 41,250/-
Conveyance Allowance: 9,600/-
Medical Reimbursement: 7,500/-
Professional Tax: 2,400 (It varies from state to state)
Gross Total Income: 4,43,250/-
Further Deductions:
LIC Paid: 50,000/-
PF (Employee Contribution): 10,800/-
Net Total Taxable Income: 3,82,450/-
Tax on Income: 18,245/-
Education Cess: 547/-
Total Tax for FY 12-13 is 18,792/-
Monthly deduction should be 1,566/-
Note: All ready 7 months over.
Thank you.
From India, Bangalore
Please find the attached sheet for salary calculation for FY 12-13 AY 13-14. As per your quoted salary, it is calculated as follows:
Basic Salary: 90,000 (PA)
HRA: 45,000/- (PA)
Conveyance: 8,600/- (PA)
Other Allowances: 3,51,900/- (PA)
Medical Reimbursement: 7,500/- (PA)
Gross Salary Income: 5,04,000/-
Deductions:
HRA Exempted: 41,250/-
Conveyance Allowance: 9,600/-
Medical Reimbursement: 7,500/-
Professional Tax: 2,400 (It varies from state to state)
Gross Total Income: 4,43,250/-
Further Deductions:
LIC Paid: 50,000/-
PF (Employee Contribution): 10,800/-
Net Total Taxable Income: 3,82,450/-
Tax on Income: 18,245/-
Education Cess: 547/-
Total Tax for FY 12-13 is 18,792/-
Monthly deduction should be 1,566/-
Note: All ready 7 months over.
Thank you.
From India, Bangalore
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EMPLOYEE SALARY INCOME TAX CALCULATION.xls x