Sorry if this post is akin to one already answered. I need an answer fast, or the wrong amount might get deducted as TDS this month.
I am a salaried professional (in a college).
My gross income = 4,89,364
Total Deduction under 80c etc = 79,298
Net Income = 4,10,066
STD Deduction = 2,00,000
Taxable Income = 2,10,066
Final Tax @ 10 % with 3% cess = 21,637
My employer (the college) insists on collecting this whole amount from me.
I wish to know whether the rebate/relief Rs. 2000 as per Section 87A has to be given by me as TDS?
My employer insists that the above rebate of Rs. 2000 can only be obtained by me as a refund when I file my income Tax return.
Another quick one: Is the tax calculation of a salaried person based on Gross Income or Net Income as far as the slab is concerned?
So if my Gross Income is Rs 5,00,001 but my Net Income after allowing for deductions under 80c etc is Rs 4,00,001, which slab do I belong to?
ii. Where the total income exceeds Rs. 2,00,000/- but does not exceed Rs. 5,00,000/-.
iii. Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-.