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Hi I am new to this site..... please any one help on how to caluculate TDS on salaries..... Sridevi
Dear Madam,
TDS on salary is calculated after calculation total salary for the entire year. For eg. if ur monthly pay is Rs. 25000/ ( basic=15000 + medical=2000+comveyance = 3000+hra 5000) , total salary income for the year will be Rs.300000/. The current I.T limit is for women = 190000/, for senior citizens rs.240000/ & for others it is Rs.160000/.
You may get deductions from your gross salary like 1250/p.m ag. medical, Rs.800/ p.m ag. conveyance etc & your savings which are eligible for rebate U/s 80C ( max. Rs.1lac + 20000extra for invt in infrastructure bond ), mediclaim u/s 80d, donations u/s 80g etc will be deducted . If after effecting these deduction your net income exceeds the I.T limit, tds is applicable on the difference amount.
TDS on salary is calculated after calculation total salary for the entire year. For eg. if ur monthly pay is Rs. 25000/ ( basic=15000 + medical=2000+comveyance = 3000+hra 5000) , total salary income for the year will be Rs.300000/. The current I.T limit is for women = 190000/, for senior citizens rs.240000/ & for others it is Rs.160000/.
You may get deductions from your gross salary like 1250/p.m ag. medical, Rs.800/ p.m ag. conveyance etc & your savings which are eligible for rebate U/s 80C ( max. Rs.1lac + 20000extra for invt in infrastructure bond ), mediclaim u/s 80d, donations u/s 80g etc will be deducted . If after effecting these deduction your net income exceeds the I.T limit, tds is applicable on the difference amount.
Dear friend Please confirm without depositing any medical bill , We can avail a deduction of Rs. 1250 agnst medical allowance Per month for tax purpose. Pls confirm Regards Gaurav
Hi Sridevi I am attaching herewith one tax calculator excel sheet downloaded by me from net and 1 pdf for study material. I hope it will be helpful. Best Regards Ashok Kumar Modi 9986452168
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Listed Under medical allowance labour law hr policy payroll process job placement tax calculator City-India-Hyderabad Country-India
TDS Chart-1.xls
