Hi all,
I joined a new organization on 19th August 2014 last year...I'm providing details of all my salary slips and bonus last year.
My tax calculation is there below this.....request if you can verfiy the same.
| Month | basic | hra | conveyance | medical | telephone | gross salary | TDS deducted |
| Aug-14 | 14248 | 7129 | 335 | 1250 | 1500 | 24462 | 1200 |
| Sep-14 | 37783 | 17000 | 800 | 1250 | 1500 | 58333 | 1200 |
| Oct-14 | 37783 | 17000 | 800 | 1250 | 1500 | 58333 | 1200 |
| Nov-14 | 37783 | 17000 | 800 | 1250 | 1500 | 58333 | 1200 |
| Dec-14 | 37783 | 17000 | 800 | 1250 | 1500 | 58333 | 1200 |
| Jan-15 | 37783 | 17000 | 800 | 1250 | 1500 | 58333 | 1200 |
| Feb-15 | 37783 | 17000 | 800 | 1250 | 1500 | 58333 | 6751 |
| Mar-15 | 37783 | 17000 | 800 | 1250 | 1500 | 58333 | 6750 |
| Bonus | 14105 | ||||||
| Total | 278729 | 126129 | 5935 | 10000 | 12000 | 446898 | 20701 |
Basic and telephone allowance are fully taxable as I did not submit my telephone bills.
Conveyance exemption as you can see from the table above is Rs.5935
Medical exemption as you can see from the table above is Rs.10000
HRA :
| HRA Calculation | ||
| actual HRA received | 126129 (Lowest out of the three) | |
| 50 % of salary | 223449 | |
| Rent paid - 10% of salary | 66664-44689.8 | 21974.2 |
So...the lowest of the three is Rs.126129 which should be considered for exemption
So total deductions = HRA + Conveyance + Medical = 126129 + 5935 + 10000 = 142064
Total salary - total deduction = 446898 -142064 =304834
In Fy 2014-15, female exemption was till Rs.250000 /-
Subtracting 250000 from 304834 gives Rs.54834 / - as the final figure on which nil tax should be deducted.....according to me.
Is my calcualtion correct ?
Pls reply...thanks !
CAclubindia
