LIVE GST Audit Course by CA Sachin Jain. Register Now!!

calculation of tax

satish babu (sap FI/Co consultant) (24 Points)

30 July 2009

hi friends,

i am getting monthly salary of Rs.15,000/-(Gross) in what way i have to paln my tax savings? what is the per month TDS amount?

Thanks&regards

satish

Reply
Follow
Share

11 Replies

CA Sumit Arora (CA) (1410 Points)
Replied 30 July 2009

Your TDS will not be deducted and Your tax liability will be nil.l. If u don't make investment then TDS liability will be Rs. 172 Per Month. Starting from April 2009

CA Sumit Arora (CA) (1410 Points)
Replied 30 July 2009

Mr. Satish I am telling u the tax for the A.Y 2010-11. Make the investment of Rs. 20000 Your TDS will not be deducted and Your tax liability will be nil.l. If u don't make investment then TDS liability will be Rs. 172 Per Month. Starting from April 2009

CA Mohit Agarwal (Chartered Accountant) (1025 Points)
Replied 30 July 2009

I agree with Sumit

CA Anshu Agarwal (B€ @LW@¥$ ]-[@Pp¥) (1832 Points)
Replied 30 July 2009

i also agree, but tds of Rs. 172 per month or investment of Rs.20000/- can be suggest, if he has only salary income of Rs.15000/- per month

C.Balaji (Learner) (1867 Points)
Replied 30 July 2009

yes the point made by anshu is valid.... other income should be considered for tax calculation..... investment can be made for the amount exceeding Rs.160000/- by legitimate tax planning....incase there is no other income the suggestion given by friends can be followed....

Jatin Nigam (Chartered Accountant) (54 Points)
Replied 30 July 2009

mr satish,

u are getting Rs 15000 pm that means your yearly income come around Rs180000 , as per act income is exempt upto Rs 160000, so any income in excess of Rs 160000 is liable to tax @ 10% , so your tds us 193 come around Rs 2000 yearly that means your tds liable to be dedcuted is Rs 167 , however if you invest Rs 20000 in PPF/LIC/NSC /MF then no TDS should be deducted provided u provide such investment detail to your employer.

CA JATIN NIGAM

Jatin Nigam (Chartered Accountant) (54 Points)
Replied 30 July 2009

tds of rs 172 which include education & sec higher education cess of 3% on 10 % tax

Shivaling (Accountant) (39 Points)
Replied 31 July 2009

Above all I will say you must specify your Basic Salary & other perks you get seperately

Ashwani Narnoli (.) (1843 Points)
Replied 31 July 2009

Sumit answer is right.

PIYUSH JINDAL (study) (84 Points)
Replied 03 August 2009

The salary figure sent by you might be incomplete. as it may contain the portion of conveyance allowance as well as HRA and in the ACT there are some exemptions for conveyance and HRA. after that i think there is no need for any investments for saving the tax or the TDS. and if there is no such component then the above query answer is right.

Eshan (BD) (30 Points)
Replied 04 August 2009

Hi,

I am looking for a salary structure which cold help me save tax. The present structure made for the company i work is pathetic and they have asked me to produce my own version.

Any help urgently would much appreciated.

Thanks,

Eshan