Tds deduction

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

09 May 2012 Am a male(employee) & need clarification on TDS deduction,
Financial Year : 2012-13

For ex:
If my Gross Salary is Rs.500000
Less exemption U/s 10 Rs. 93600
Net Salary Rs.406400
Less Deduction U/s VI A Rs.100000
Income Rs.306400

What is the TDS amount will be deducted on Total Income ?

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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09 May 2012 306400- Exemption limit= Net Taxable income

TDS will be deducted on Net taxable Income at applicable slab.

Please mention the applicable Financial year and also whether male, female or senior citizen to enable us to tell you the exact TDS amount.

Querist : Anonymous

Querist : Anonymous (Querist)

09 May 2012 Hi
Let me give you the exact details as below
Am a male(employee)
Financial Year : 2012-13

my Gross Salary is Rs.575796
Less exemption U/s 10 Rs. 93600
Net Salary Rs.482196
Less deduction U/s 10 Rs. 2400
Net Taxable Salary Rs.479796
Less Deduction U/s VI A Rs.100000
Taxable Income Rs.379796

Even after making investment declaration of Rs. 100000, TDS deducted. But am not understanding how ? Pls clarify

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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09 May 2012 Upto Rs 200000 Nil.

2 lac to 5 lac 10% (Plus 3% Cess)

So TDS=(179796*10.3%)=18519

SO a monthly TDS of Rs (18519/12)=1543.25 will be deducted from your salary.

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Querist : Anonymous

Querist : Anonymous (Querist)

09 May 2012 Thanks for the information

Monthly Rs. 1500 deduction in salary is high & let me know if there is any way to avoid this tax ?

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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09 May 2012 You have claimed full deduction u/s 80C. If you have a medical insurance you can claim deduction u/s 80D. Also from FY 2012-13 any payment made by an assessee on account of preventive health check-up of self, spouse, dependent children or parents(s) during the previous year as eligible for deduction within the overall limits prescribed in the section. However, the proposed deduction on account of expenditure on preventive health check-up (for self, spouse, dependent children and parents) shall not exceed in the aggregate Rs.5,000.

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