Tds on salary

For F/Y 2017-18, Just file ITR 1 before 31st july 2018 and fill salary and TDS deducted detail in ITR, You will get refund of TDS deducted.
I have seen your salary slip, you can claim exemption of conveyance allowance and HRA if living in rented accomodation and deduction U/S 80C to 80GGC. You need to give details of rent paid for calculation of TDS liability.

Thank you so much sir:)

Sir ,

What percent of salary should TDS be ?A s per my calculations the tax was around 12000Rs for a annual salary of 480000.

But TDS deducted was 24000 per annum?How TDS percent is decided?So every year when i file returns i will get refund of 12000 excessive Tds deducted? 

what are the rquired proofs for claiming conveyance and HRA allowance exemption sir?

Thank you so much for your time :)

Conveyance allowance- Proof not required
HRA exemption - Rent receipt having Signature of landlord (Pan no of landlord mandatory to mention in rent receipt if rent paid exceeds 100000/- during the year)

sir,

     To whom i have to submit rent receipt ?Do i have to get receipt signed at the end  of the financial year?can i claim exemption at the time of filing returns ?if so  where i should attach the rent receipt as proof while filing returns?

Give it to your employer and ask him to consider HRA exemption while computing TDS liability.
Yes you can claim both exemption while filling your return. No need to attach rent receipt while filling return.

Thanks a lot sir:)

                            What percent of salary should TDS be ?A s per my calculations the tax was around 12000Rs for a annual salary of 480000. But in my case TDS deducted was 24000 per annum?How TDS percent is decided?every year when i file returns  will l get refund of 12000 excessive Tds deducted sir? 
 

You need to give detail of rent paid to calculate exact tds liability.

Sir I am paying 6000 per month as rent which would sum up to 72000 per year.

For F/Y 2018-19
Gross salary. 480000
(-) HRA exemption*. 52800
(-) Standard deduction. 40000
(cover conveyance allowance exem.)
Taxable Salary. 387200
Deduction 80C to 80GGC. Nil
Income tax @ 5% on 137200. 6860
Cess @ 4% on 6860. 275
Total tax liability. 7135
TDS to be deducted per month 7135/12= 595
Average rate of tax= (7135/480000)*100= 1.49%
**How to calculate HRA exemption
Exemption available least of following three limit
a) 40% of basic salary plus D.A. 76800
b) HRA received. 96000
c) Rent paid -10% of basic salary and D.A.)
72000-19200. 52800
Exemption allowed 52800 (least)

thanks a lot :)The world needs more people like you.sir.

                                As my employer is deducting excessive TDS of 16800 Rs,Can i claim refund while filing returns sir?

yes, you can

For Financial Year 2017-18, you can claim full refund of Rs. 4000 as your income is well below Rs. 2,50,000. Further, from next year you can claim standard deduction of Rs. 40,000 along with exemption of HRA, Conveyence and children education allowance. This will drastically reduce your tax liability as can be seen by calculation provided by CA Shri Sunil Kumarji.

To learn more about salary taxation, you can read this guide - Ulitimate Guide on how to calculate income tax on Salary.