Dear Frnds & Experts,
How to calculate TDS for an individual?
Assuming a person draws a salary of Rs.75000 per month. which includes basic 55% of Rs.75000, transport allowance Rs.800, HRA at 15% of Rs.75000 and remaining as other allowance. He declares a LIC policy as an investment for Rs.12000 per annum. He has taken a house loan and paying interest of Rs.200000 per annum.
Kindly help me how to calculate TDS. If possible step by step.
Taxable income = approx Rs. 6,28,000/-
Tax liability = Rs. 56,000/-
Wait for more replies.
Kindly Provide Additional Info:
* Actual Rent Paid ??
* Whether Residing In Metro City Or Non Metro City???
Taxable income = Rs. 567,400/-
Tax liability = Rs. 44,784/-
CAclubindia
