Dear Seniors,
I am an employee in a private limited firm and draw the total annual salary of $36,000. When I recently checked my employee portal, it reflected the total TDS to be deducted as $67,000.
The monthly salary structure is as follows:
- Basic: $15,000
- HRA: $6,000
- Medical Reimbursement: $1,250
- Special Allowance: $6,950
- Transport Allowance: $800
- Deduction of Professional Tax: $200
Total Monthly Salary: $30,000
Net in-hand salary: $29,800
Now, the employer has started deducting the TDS from the month of June ($1,000) and July ($2,000) against the total TDS to be deducted.
I would like to know if this is genuine, and if not, what would be the proper approach to get this resolved.
From India, Bangalore
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I am an employee in a private limited firm and draw the total annual salary of $36,000. When I recently checked my employee portal, it reflected the total TDS to be deducted as $67,000.
The monthly salary structure is as follows:
- Basic: $15,000
- HRA: $6,000
- Medical Reimbursement: $1,250
- Special Allowance: $6,950
- Transport Allowance: $800
- Deduction of Professional Tax: $200
Total Monthly Salary: $30,000
Net in-hand salary: $29,800
Now, the employer has started deducting the TDS from the month of June ($1,000) and July ($2,000) against the total TDS to be deducted.
I would like to know if this is genuine, and if not, what would be the proper approach to get this resolved.
From India, Bangalore
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Sorry there was a typo in my query. My annual gross salary is 360000 not 36000. Thnks
From India, Bangalore
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From India, Bangalore
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Hi Shruti,
Your total tax comes out to be around 8000 for the year 1 April 2014 - 31 March 2015. So, ideally, the monthly tax (TDS) that they should deduct is about Rs. 670.
Here is the complete take-home calculation for you with taxes and other details:
Take home India 29.30 Thousand, CTC 3.68 Lakh, Year 2014 - AM22 Salary Calculator India
You can save this tax as well if you can do the following:
- You can invest Rs. 150,000 more to take full advantage of tax-free investment to lower your taxes. You can reduce your yearly tax by Rs. 8,094 if you can invest 150,000 more in tax-saving investments. This will increase your monthly in-hand salary by Rs. 735.
- Pay them monthly home rent of up to Rs. 7,500 and reduce your yearly tax by Rs. 7,416. It will also increase your monthly in-hand by Rs. 618.
- If you can provide the yearly medical bills of Rs. 15,000, you can save tax up to Rs. 1,545 and increase your monthly in-hand by Rs. 140.
Let me know if you need more information.
From India, Delhi
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7Your total tax comes out to be around 8000 for the year 1 April 2014 - 31 March 2015. So, ideally, the monthly tax (TDS) that they should deduct is about Rs. 670.
Here is the complete take-home calculation for you with taxes and other details:
Take home India 29.30 Thousand, CTC 3.68 Lakh, Year 2014 - AM22 Salary Calculator India
You can save this tax as well if you can do the following:
- You can invest Rs. 150,000 more to take full advantage of tax-free investment to lower your taxes. You can reduce your yearly tax by Rs. 8,094 if you can invest 150,000 more in tax-saving investments. This will increase your monthly in-hand salary by Rs. 735.
- Pay them monthly home rent of up to Rs. 7,500 and reduce your yearly tax by Rs. 7,416. It will also increase your monthly in-hand by Rs. 618.
- If you can provide the yearly medical bills of Rs. 15,000, you can save tax up to Rs. 1,545 and increase your monthly in-hand by Rs. 140.
Let me know if you need more information.
From India, Delhi
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Please note that the CTC that the link shows is 368,000 instead of 360,000. This is because the calculator considers Gratuity as well. In your case, gratuity is not applicable, so you can simply ignore the extra 8k. It does not make any difference to your monthly take-home salary.
From India, Delhi
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From India, Delhi
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Responsibilitie s of person who is responsible for deduction of TDS on salary.docx
Amendment in Section 192A of the IT Act, 1961- Instructions for deduction of TDS on withdrawal f.pdf