tax deduction from salary

DEAR SIR/MADAM

I GET RS-15200 PM AS SALARY AND I HAVE LIC INVESTMENT ANUALLY 6530P.A{NO GRATUITY;PF;ESIC) QUESTION IS 

I FALL UNDER WHICH IT SLAB 1ST / 2ND

WHAT WHAT WILL BE MY NET INCOME(ON HAND)

HOW MUCH %TDS WILL COMPANY DEDUCT WHILE MAKING CHQ

 

Replies (14)

Dear Suresh,

Is salary the only income?Dont you have any other income?

As per the details given by you the amount of total TDS on salary comes to Rs. 1635/- p.a.

 

See the attached file for computation.

Dear Sir,

Whar i understood - what you monthly receive in hand is Rs. 15200/-

 So, Annually it comes to Rs. 182400/-

Less Annual LIC Investnment Rs. 6530/-

That means annual net income Rs. 175870/-

so, as per Tax slab for Man - for A.Y. 2011-12:- you fall in between the first slab (10%)

i.e. for income between 160000 to 500000 - 10%

and according to that monthly Rs. 132 would be deducted from your salary.

 But if you could able to invest annually around Rs. 16000 more  in LIC or PPF or term deposit which are eligible for tax exemption U/s 80 C,  then i think no tax will be deducted from your salary....

Thanks...

Suresh if u dont have any income from any other source like house property, other source, capital gain and business income then you will fall into 160000-300000 slab wo bhi tab if i assume ur employer does not make structure for ur salary like HRA, transport allowance for which u can claim rs.800/- per month exemption, medical allowance for which u can claim rs.1250/- per month. So as per me at presently i can not finalize ur tax liability. Explain ur salary structure first.

175870 is your net income so 160000-300000 slab.

Income Tax Rates/Slabs for A.Y. (2011-12)

 

Slab (Rs.)

Tax (Rs.)

less than 1,60,000

Nil

1,60,000 to 5,00,000

(TI – 1,60,000) * 10%

5,00,000 to 8,00,000

34,000 + (TI – 5,00,000) * 20%

Greater than 8,00,000

94,000 + (TI – 8,00,000) * 30%

 

 

 

Women aged 65 years or less

 

Slab (Rs.)

Tax (Rs.)

less than 1,90,000

Nil

1,90,000 to 5,00,000

(TI – 1,90,000) * 10%

5,00,000 to 8,00,000

31,000 + (TI – 5,00,000) * 20%

Greater than 8,00,000

91,000 + (TI – 8,00,000) * 30%

 

 

 

Senior Citizens (Individuals aged above 65 years)

 

Slab (Rs.)

Tax (Rs.)

less than 2,40,000

Nil

2,40,000 to 5,00,000

(TI – 2,40,000) * 10%

5,00,000 to 8,00,000

26,000 + (TI – 5,00,000) * 20%

Greater than 8,00,000

86,000 + (TI – 8,00,000) * 30%

 

No Surcharge but Ed.Cess @ 2% and SHEC @ 1% is applicable.

 

You are providing Gross Monthly Income. When providing income for taxation please always specify the components of salary. There are exemption u/s 10 which are available for different components.

Moreover, i think you have asked same question in another forum in which you have mentioned the components of salary and i have given you the solution there.

best answer by akhil

Dear Suresh,

 I think all our friends have given the correct answers above. Ur taxable income would be Rs.175,870/- Tax on the above is Rs.1587/- Edu. cess is Rs.31.74 and Secondary And higher education cess is Rs.15.87. Hence ur total tax would be Rs.1634.61 ie) Rs.1630.

Hence ur monthly deduction would be Rs.135.83

akhil good calculation but you can show the profession tax deduction of 2500/-

Originally posted by : Shudhanshu Agrawal

You are providing Gross Monthly Income. When providing income for taxation please always specify the components of salary. There are exemption u/s 10 which are available for different components.

Moreover, i think you have asked same question in another forum in which you have mentioned the components of salary and i have given you the solution there.

 yes sir you are right and i agree with you

first disclose u r complete salary structure bsz under terms of employment d.a and dearness pay forms part of basic salary this will minimise tax incidence on hra gratuity pension so its better for u if u disclose u r salary structure then only anybody can reply the way u want reply...........

Tax is Rs 1587 if there is no other income.   If you would be able to invest Rs. 16000 more then there will be no deduction of TDS from your income. 

I totally agree with Harpreet only.

" Suresh if u dont have any income from any other source like house property, other source, capital gain and business income then you will fall into 160000-300000 slab wo bhi tab if i assume ur employer does not make structure for ur salary like HRA, transport allowance for which u can claim rs.800/- per month exemption, medical allowance for which u can claim rs.1250/- per month. So as per me at presently i can not finalize ur tax liability. Explain ur salary structure first. "

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