ur net salary is
salary 50000*12 600000
Cnveynce exempt 800*12 9600
so ur net salary is 590400
now calculate tax 1,80,000 to 5,00,000 10% and after that 20%
so ur tax is 32000+18080
total 50,080 and education cess is 3% which is 1502
so ur tax is 51,582 now u divide it from 12 months it is now 4299
so ur TDS from Salary is 4298 or 4300 per month which is deducted by employer every month
19th November 2011 From India , Delhi
23rd November 2011 From India , Sonipat
Greetings for the Day !!!
I would like to know that what will be a Monthly Tax Deduction of an Employee withdrawing Gross Salary of Rs.42,000 per month post deductions.
His TDS Declarations are as follows:
1. Monthly Rent Rs.15,000
2. LIC Premium Paid Rs.50,000
3. 2 Policies of Rs.25,000 each i.e. Rs.50,000
Request you all to provide an approx / accurate figure of TDS monthly.
As I need to advice the same to my employee.
Thanks and Regards,
12th November 2012 From India , Bangalore
PF Contribution isn't Payable on CTC as per CPFC Notification
7th April 2014 From India, Faridabad
6th July 2015