Tds calculation on salary

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Learner
1881 Points Joined December 2012
Following is the salary structure of Mr. X age 45 years as on 1-Apr-13.
 
Basic Salary 40000
DA (30%) 12000
Travelling Allowance 5000
Bonus 4000 (bonus given for this month only
considering his performance during FY12-13)
Overtime 1000 (overtime is given as when X puts extra hours of work)
 
Employer provides EPF and ESI benefit to its employees.
 
Mr. X has given declaration that he will buy NSC worth Rs. 100000 during the year.
 
Please help me calculate TDS to be deducted of Mr. X for the month of April 2013.
 
Please send me the excel file with TDS computation.
 
Shivani
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On 16 May 2013 at 20:08 Report
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CA
94 Points Joined January 2010

The Annualised Monthly Salary of Mr. X would be 57000*12=684000

Bonus for the Month = 4000

Total Gross Salary = 688000.  (Deduction on Travelling Allowance will be based on Actual Expenditure Incurred and). Further Overtime will be added as and when received.

Less: Estimated Deductions U/s 80C : 100000

Net Salary = 588000

Tax on above = IT = 47600 + EC & SHEC = 1428 = Total Tax =  49028

Tax to be Deducted for April 2013 = 4086 (IT=3967 + ES & SHEC = 119).

Note: The above calculations are based on the date submitted by you. Actual result could vary.

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On 16 May 2013 at 21:37
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Practising CA
148 Points Joined July 2011

Sir. isme transport allowance exempt ni kia apne

 

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On 30 October 2013 at 08:38
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CA
94 Points Joined January 2010

There is no Transport Allowance in your Salary Structure. Hence, you cannot avail the Exemption of Transport Allowance of Rs.800/- per Month.

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On 30 October 2013 at 10:30


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