TDS on salary

For FY 2018-19, If any investment declaration u/s. 80C of amount 60K or more no need to deduct TDS.

For FY 2019-20, no TDS liability for the salary income upto 5.0L

Your yearly  salary  is                                   360000/- 

Nil  Tax   up to                                              250000/- 

Your estimated  taxable Income                   110000/- 

5%  Tax  on   110000/-                                     5500/-   (  5%  Tax  between  250000/-  to  500000/- ) 

so divide  5500/-  by 12  months                                      460/-  

Your monthly  TDS will be                                                460 /- per month 

Above mention is estimated  tax (TDS)   on average  basis .  

please confirm with  others also . 

The rate at which TDS to be deducted on Salary is not fixed. TDS is deducted according to the prevailing Income Tax Rate for that Financial Year. 

The rates of Taxes also depends upon the age of the individual. If the person is 60 years or more then there are separate Tax Rates. 

The simple formula to calculate tax in your case is:

Total Salary                                                ___________

Less: Exempted allowances of salary        ___________

Taxable Salary                                           ____________

Less: Deduction u/sChapter VIA                ____________

Total Taxable Income                                 ____________

You can refer to the below link for the prevailing Income Tax Rates. 

https://www.incometaxindia.gov.in/Pages/charts-and-tables.aspx

There's is no flat rate of TDS on salaries. Tax has to be calculated estimating for the whole year based on the prevailing slab rates and then divide by 12 to arrive at monthly TDS amount.

For FY 2018-19:

If the employee is below 60 years of age, then the slab rates are as follows:

If taxable income after all deductions under Chapter - VIA is below Rs. 3,50,000, then tax rebate of Rs. 2,500 is available u/s 87A. Otherwise, tax has to be calculated as follows:

Taxable Income = Rs. 3,60,000

Tax = (3,60,000 - 2,50,000) x 5% = 1,10,000 x 5% = Rs. 5,500

Tax has to be increased to Health & Education Cess @ 4%

Total Tax = Rs. 5,500 + (4% x 5,500) = Rs. 5,500 + Rs. 220 = Rs. 5,720

TDS to be deducted per month = Rs. 5,720/12 = Rs. 477 (approx.)

For FY 2019-20:

Sec. 87A is amended in FA 2019 by increasing the threshold to Rs. 5,00,000 and rebate to Rs. 12,500. So there will be no tax if income is below Rs. 5,00,000.