Hello Every one,
I would be glad if any one could help me out how to calculate TDS on the following salary structure..
Basic Pay : 3,60,000
HRA : 1,80,000
Conveyance Allowance: 9,600
Special Allowance: 1,70,400
PF @ 12% Employers Contribution: 9,360
Total Cost to Company (CTC): 7,29,360
Regards,
Shikha Godiyal
From Canada, Toronto
5I would be glad if any one could help me out how to calculate TDS on the following salary structure..
Basic Pay : 3,60,000
HRA : 1,80,000
Conveyance Allowance: 9,600
Special Allowance: 1,70,400
PF @ 12% Employers Contribution: 9,360
Total Cost to Company (CTC): 7,29,360
Regards,
Shikha Godiyal
From Canada, Toronto
Suppose take member asB.Sagar
SL No Descriptions Actual Gross Salary Per Month No of Month Gross Salary Per Year
1 23,000.00 12 276,000.00
Less: Professional Tax 200.00 12 2,400.00
Providend Fund 780.00 12 9,360.00
Conveyance 800.00 12 9,600.00
Hra 2,600.00 12 31,200.00
Less: U/S 80 C :-
-
Total Amount 52,560.00
Balance Amount 223,440.00
Income Tax Slabs for F.Y. 2012-2013
Up to 2,00,000.00 Nil 200,000.00
2,00,001.00 to 5,00,000.00 10.00%
5,00,001.00 to 10,00,000.00 20.00%
>10,00,001.00 30.00%
Balance Taxable Amount 23,440.00
Tax Amount 2,344.00
Surcharge @ 3% 70.32
Total TDS Deductable 2,414.32
TDS Deductable P/M 201.19
From India, Hyderabad
SL No Descriptions Actual Gross Salary Per Month No of Month Gross Salary Per Year
1 23,000.00 12 276,000.00
Less: Professional Tax 200.00 12 2,400.00
Providend Fund 780.00 12 9,360.00
Conveyance 800.00 12 9,600.00
Hra 2,600.00 12 31,200.00
Less: U/S 80 C :-
-
Total Amount 52,560.00
Balance Amount 223,440.00
Income Tax Slabs for F.Y. 2012-2013
Up to 2,00,000.00 Nil 200,000.00
2,00,001.00 to 5,00,000.00 10.00%
5,00,001.00 to 10,00,000.00 20.00%
>10,00,001.00 30.00%
Balance Taxable Amount 23,440.00
Tax Amount 2,344.00
Surcharge @ 3% 70.32
Total TDS Deductable 2,414.32
TDS Deductable P/M 201.19
From India, Hyderabad
Dear Shikha,
Based on your inputs given, I have calcuated the TDS. The TDS amount comes to Rs.30000/- It is arrived considering he/she will stay in a rented house and pays rent of Rs.12000/- pm. And also makes an investment of Rs.1.00 lac including his PF contribution of Rs.9360/-.
Gross Salary 720000
Less HRA 108000
Less: Conv 9600
Less: Prof Tax 2400
Sub Total 120000
Gross Total Income 600000
Less: PF Contribution 43200
Less Investment 56800 100000
Taxable Income 500000
1-200000 Nil
200001-500000 10% 30000 Taxable Amount
Hope this is clear now.
From India, Bangalore
Based on your inputs given, I have calcuated the TDS. The TDS amount comes to Rs.30000/- It is arrived considering he/she will stay in a rented house and pays rent of Rs.12000/- pm. And also makes an investment of Rs.1.00 lac including his PF contribution of Rs.9360/-.
Gross Salary 720000
Less HRA 108000
Less: Conv 9600
Less: Prof Tax 2400
Sub Total 120000
Gross Total Income 600000
Less: PF Contribution 43200
Less Investment 56800 100000
Taxable Income 500000
1-200000 Nil
200001-500000 10% 30000 Taxable Amount
Hope this is clear now.
From India, Bangalore
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TDS circular.pdf
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BASICS OF TDS ON SALARY-1.doc