Tds on salary

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could any one please help me

here is a salary detail of an employee

basic 14000

hra      7000

LTA     2800

medical 1250

transportation 800

internet excess allowance 800

telephone calls allowance  500

special performance payout monthly 2400

professional enrichment allowance 450

gross salary is 30000/- per month

please tell me how would i compute tax liability for f.y.11-12(a.y. 12-13)

and do we get exemption on HRA,Medical , transportation, and any other allowance?

tell me in detail please.......

 

Replies (1)

Hi,

The Tax liability is calculated as follows.  You are eligible to get exemption ins respect of Medical Reimbursement upto 15,000 p.a. provided you have submitted the medical bills & transport allowance upto 9600 p.a.

You are also eligible to claim exemption in respect of HRA of you paying rent.  You have not provided the amount of Rent paid so I am not able to calculate the exemption amount.  Rest of the allowances are not eligible for exemption.

You can also claim expemtion on LTA provided you have submitted the actual Travel Bills to your company.

Have any investments/payments being made that eligible for deductions under sec 80C, you can get the benefit of these to reduce your Tax Liability

 

Gross Salary   360000
Less: Exemptions    
Medical -15000  
Conveyance -9600 -24600
    335400
Less: Prof Tax   -2500
    332900
Less: Deductions     
80C   0
80D   0
Net Salary   332900
     
Tax Liability   17290
     
TDS Per month   1441

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