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Tds calculation on salary

TDS / TCS 2153 views 3 replies
Following is the salary structure of Mr. X age 45 years as on 1-Apr-13.
 
Basic Salary 40000
DA (30%) 12000
Travelling Allowance 5000
Bonus 4000 (bonus given for this month only
considering his performance during FY12-13)
Overtime 1000 (overtime is given as when X puts extra hours of work)
 
Employer provides EPF and ESI benefit to its employees.
 
Mr. X has given declaration that he will buy NSC worth Rs. 100000 during the year.
 
Please help me calculate TDS to be deducted of Mr. X for the month of April 2013.
 
Please send me the excel file with TDS computation.
 
Shivani
shivaniadream @ gmail.com
Replies (3)

The Annualised Monthly Salary of Mr. X would be 57000*12=684000

Bonus for the Month = 4000

Total Gross Salary = 688000.  (Deduction on Travelling Allowance will be based on Actual Expenditure Incurred and). Further Overtime will be added as and when received.

Less: Estimated Deductions U/s 80C : 100000

Net Salary = 588000

Tax on above = IT = 47600 + EC & SHEC = 1428 = Total Tax =  49028

Tax to be Deducted for April 2013 = 4086 (IT=3967 + ES & SHEC = 119).

Note: The above calculations are based on the date submitted by you. Actual result could vary.

Sir. isme transport allowance exempt ni kia apne

 

There is no Transport Allowance in your Salary Structure. Hence, you cannot avail the Exemption of Transport Allowance of Rs.800/- per Month.


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