Hello everyone, I would be glad if anyone could help me out with how to calculate TDS on the following salary structure:
- Basic Pay: 3,60,000
- HRA: 1,80,000
- Conveyance Allowance: 9,600
- Special Allowance: 1,70,400
PF @ 12% Employer's Contribution: 9,360
Total Cost to Company (CTC): 7,29,360
Regards,
Shikha Godiyal
From Canada, Toronto
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5- Basic Pay: 3,60,000
- HRA: 1,80,000
- Conveyance Allowance: 9,600
- Special Allowance: 1,70,400
PF @ 12% Employer's Contribution: 9,360
Total Cost to Company (CTC): 7,29,360
Regards,
Shikha Godiyal
From Canada, Toronto
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Hi you can try this attachment. it is helpful to calculate TDS another thing, check PF amount as it would be 12% of basic Txs
From India, Delhi
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From India, Delhi
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TDS Calculation Example for Member B. Sagar
SL No | Descriptions | Actual Gross Salary Per Month | No of Months | Gross Salary Per Year
---|---|---|---|---
1 | 23,000.00 | 12 | 276,000.00
Less:
- Professional Tax: 200.00 | 12 | 2,400.00
- Provident Fund: 780.00 | 12 | 9,360.00
- Conveyance: 800.00 | 12 | 9,600.00
- HRA: 2,600.00 | 12 | 31,200.00
Less: U/S 80 C: -
Total Amount: 52,560.00
Balance Amount: 223,440.00
Income Tax Slabs for F.Y. 2012-2013
- Up to 2,00,000.00: Nil
- 2,00,001.00 to 5,00,000.00: 10.00%
- 5,00,001.00 to 10,00,000.00: 20.00%
- >10,00,001.00: 30.00%
Balance Taxable Amount: 23,440.00
Tax Amount: 2,344.00
Surcharge @ 3%: 70.32
Total TDS Deductible: 2,414.32
TDS Deductible Per Month: 201.19
From India, Hyderabad
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SL No | Descriptions | Actual Gross Salary Per Month | No of Months | Gross Salary Per Year
---|---|---|---|---
1 | 23,000.00 | 12 | 276,000.00
Less:
- Professional Tax: 200.00 | 12 | 2,400.00
- Provident Fund: 780.00 | 12 | 9,360.00
- Conveyance: 800.00 | 12 | 9,600.00
- HRA: 2,600.00 | 12 | 31,200.00
Less: U/S 80 C: -
Total Amount: 52,560.00
Balance Amount: 223,440.00
Income Tax Slabs for F.Y. 2012-2013
- Up to 2,00,000.00: Nil
- 2,00,001.00 to 5,00,000.00: 10.00%
- 5,00,001.00 to 10,00,000.00: 20.00%
- >10,00,001.00: 30.00%
Balance Taxable Amount: 23,440.00
Tax Amount: 2,344.00
Surcharge @ 3%: 70.32
Total TDS Deductible: 2,414.32
TDS Deductible Per Month: 201.19
From India, Hyderabad
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Hi This might be useful for you for calculating tds IF any saving are there enter in 80c section to reduce the value.
From India, Hyderabad
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From India, Hyderabad
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Hello Shikha I am enclosing herewith one Computation you can calculate TDS accordingly.
From India, Pune
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From India, Pune
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Can anybody help me? Is the performance incentive/sales incentive also added to your gross salary when calculating taxable income? What about the annual ex gratia payment we receive from the company?
Thank you.
From India, Pune
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Thank you.
From India, Pune
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Hi Amruta, Annual Bonus or Ex-gratia payments are also form part of remuneration / income from salary and must be included for IT computation. Rgds, S. Dass
From India, Bangalore
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From India, Bangalore
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Based on your inputs, I have calculated the TDS. The TDS amount comes to Rs. 30,000. It is calculated assuming he/she will stay in a rented house and pay rent of Rs. 12,000 per month. Additionally, an investment of Rs. 1.00 lakh is considered, including a PF contribution of Rs. 9,360.
Gross Salary Calculation
- Gross Salary: 720,000
- Less HRA: 108,000
- Less Conveyance: 9,600
- Less Professional Tax: 2,400
- Subtotal: 120,000
- Gross Total Income: 600,000
- Less PF Contribution: 43,200
- Less Investment: 56,800 (including 100,000)
Taxable Income Calculation
- Taxable Income: 500,000
- 1-200,000: Nil
- 200,001-500,000: 10% (30,000 taxable amount)
I hope this is clear now.
Regards,
From India, Bangalore
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Gross Salary Calculation
- Gross Salary: 720,000
- Less HRA: 108,000
- Less Conveyance: 9,600
- Less Professional Tax: 2,400
- Subtotal: 120,000
- Gross Total Income: 600,000
- Less PF Contribution: 43,200
- Less Investment: 56,800 (including 100,000)
Taxable Income Calculation
- Taxable Income: 500,000
- 1-200,000: Nil
- 200,001-500,000: 10% (30,000 taxable amount)
I hope this is clear now.
Regards,
From India, Bangalore
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