22 July 2011
Hi guys, I am woking in P ltd co and since last december and now my emploter has deducted TDS on my salry.
Plese suggest me that How I can escape from TDS on my salary Income by my employer?
Should I submit a request to my employer for non deduction of TDS?
As my Gross Income from Salary is not taxable and I do not have income from other sources.
My Expenditure and Investements are as follows:
House Rent PM Rs. 6,000/- LIC paid PA Rs. 6,800/-
My Salary Structure is as follows:
PAY SLIP FOR MONTH OF April’ 2011 Emp. Name Ramesh Signgh Working Days 30 Designation Lead Leave Ope. CL/EL/ML 2/0/0 Department BU2 PF # Leave Taken 0 Bank A/C No. Leave Adjusted 0 Leave Balance CL/EL/ML 2/0/0 Salary Rs. 21000 Leave Deducted 0 Days Paid For 30 DOJ 13/12/2010
22 July 2011
1) You have not mentioned your place of residence so it is assumed the place of residence is other than delhi,kolkata,mumbai and chennai. So, HRA shall be exempt upto least of following: a) 5250 b) 4950 c) 4200 So your HRA is exempt upto Rs 4200/- p.m. 2) Conveyance allowance is exempt upto actual expenditure so in the absence of full information is has been treated as taxabale. 3) It is assumed that there is no EPF deduction On the basis of above your taxable salary is Rs 16800/- p.m. As above your GTI is Rs 201600/- Deductions: 80C 6800
Taxable ncome 194800
Tax 1480 E.Cess 44 Total Tax 1522
However, if you are residing in Delhi Kolkata Mumbai or Chennai then your HRA shall be exempt upto Rs 4950 and your taxable income shall be 185800 and tax thereon shall be 597/-
As in both cases, there is tax due on tentative yearly income, so you can not deny TDS.
CAclubindia
