Tds deuction from salary
Laxmiprasad (Engg) (24 Points)
27 May 2016Laxmiprasad (Engg) (24 Points)
27 May 2016
avinash singh
(Student)
(122 Points)
Replied 27 May 2016
As per my Calculation :-
Basic | 14,000 |
HRA | 5,600 |
Conveyance Allowance | 1,600 |
Special Allowance | 12,550 |
Education Allowance | |
Medical Reimbursement | 1,250 |
Gross Monthly | 35,000 |
Gross Annua:-l 35000X12=4,20,000/-
Your Tax Value :- 15,450/-
Elebrate abt your tax value which is dedcuted from your office if any or other.
Vinay somani (CA, CS)
(Assistant Manager-Accounts)
(549 Points)
Replied 27 May 2016
Bank Loan is for What Purpose...??
U joined the company in Aug 15 so only the salary of 8 Months is taxable in ur hand for F.y 15-16.
Gross Salary 35000*8 = 280000
Less Conveyance Allowance 1600*8 = (9600) (19200 is allowed for the year without any proof)
Less HRA if U reside on rent. Suppose Zero
Taxable Salary 271400 ( without giving effect of HRA & Interest Portion) and Not Adjusting Any Deduction under section 80 C
as per above calculation Tax is 271400-250000 = 21400 * 10.30% = 2204
but u are allowed a rebate under section 87A of Rs. 5000 in tax if u have income below 500000
so in our case taxable income is below 500000 so tax liability is NIL
Vinay somani (CA, CS)
(Assistant Manager-Accounts)
(549 Points)
Replied 27 May 2016
Dear Sir, PT is depend on State in which u are working. and as per above details there is TDS liability of Rs. 204 in above working because Rebate u/s 87 A is 2000 for F.Y 15-16 and 5000 in F.Y 16-17 so u are allowed only 2000 rebate
Tax payable 2204-2000 =204
bt still details of Interest , HRA and Deduction u/s 80c is pending from ur side.
Please provide the details of deduction which company deduct from your salary.
whether same is PF...???
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