Hi,
Kindly suggest me and solve my query about the TAX ( TDS ) , i want to know about the TDS slab and below question's Answers please.
1... if an employee has earned 3LAC/per annul than how much TDS will be deducted from his salary.
2... if an employee pay 20% TAX than what is the CTC and Take home salary.
3... if you have any TAX slab or TAX calculation sheet please send me on my email ID.
4... what is the process of TAX claim and withdraw the amount of TDS .....
please send me a calculation sheet after making and share the criteria of TAX and TDS saving as well.. Thank you :)
Best Regards,
Varrun Kumar
Hi Varrun Kumar,
tax slab is as follow..
upto 250000/- exempt
250000 to 500000 10% tax 500000 to 1000000 20% more than 1000000 30% plus 3% education cess 2% education plus 1% SHEC, however for senior citizen exemption is upto 3 lacs and for super senior citizen exemption is upto 5 lacs, tax calculation is depends on earning and investment, there are many deduction's section like 80C, 80G, 80D, 80DD, 80E, 24B, 80GG, rebate u/s 87A etc. you may get in touch with me for tax implication matters,
Warm Regard
Devesh Chauhan
Parcticing in Accounts, Finance, Taxation, Labour Laws,
Mr. Chauhan,
Thanks for this valuable answer and support, I am really thankful of you.
Please let you give me an another clarification about the sections like 80C, 80G, 80D, 80DD, 80E, 24B, 80GG, rebate u/s 87A .
and please make the some clarification about the below question.
1.. what is the SHEC and give me the meaning of this word.
2.. what is the age of senior citizen exemption.
3.. what is the age of super senior citizen exemption.
can you provide me an excel sheet with calculation formulas of this TAX SLAB.
Thanks and Regards,
Varun Kumar
Dear Varun
SHEC means secoundry higher education cess, for senior citizen exemption the age limit is 60 year for super senior citizen it is 80 year however to understand the deduction under the various section like 80C, 80D, 80GG, 24B etc. it is deeply concept because every section has its purpose criteria & ceiling limit,
can you let me know are you student or working in accounts deptt. kindly confirm then i will guide you accordingly with practical calculation,
Warm Regard
Devesh Chauhan
Practicing in Accounts, Finance, Taxation, Labour Laws
Mr. Chauhan,
Thanks for the info.
Yes I am working in HR payroll department where i have to solve the different - different type of queries of the employees that's why i need to earn more knowledge about the TAX and PF AND ESIC.
would you please guide me and provide me the info as per my requirement... Thanks Boss
Regards,
Varun Kumar
Mr.Chauhan,
Would you please give me the minimum wages list otherwise provide me an info about the minimum wages.
and According to my knowledge ESIC & EPF both are mandate to deduct in case if salary is below 15K and if salary is above 15K than EPF is optional for an employee and no deduction of ESIC, if salary is above 15K.
request to you do let me know about these info & guide me.. Thankful of you..
Best Regards,
Santosh Kumar
Dear Varun
minimum wages is differ state to state you can refer the circular issued by your state govt with regard to minimum wages.
ESIC contribution shall be made on gross salary if gross is below 15K esi contribution is subjected to six month wise slab april to september, october to march, between the any six month period if employee gross salary is exceed 15K even then you have made ESI contribution till end of the period. PF is to be calculate on basic plus DA if basic plus DA is below 15K however if employee is already contributor in PF by previous employer then you must have to deduct his/her PF even if basic plus DA is exceed 15K,
as you are working in HR payroll deptt. always be in process to gain your knowledge because knowledge is subjected to future growth/promotion therefore just keep learning forever,
for any query & doubt you may get in touch,
Warm Regard
Devesh Chauhan
Practicing in Accounts, Finance, Taxation, Labour Laws
Dear Devesh,
Thanks for wishing me and helping me for gain my knowledge.
and basically my circle is Haryana but i need to know the minimum wages of 3 circles as are below.
1 --- Haryana
2 --- DELHI ( NCR )
3 --- Uttar Pradesh
please do let me know about that bcoz i am very confuse about that.
Your faithful learner ;)
Best Regards,
Varun Kumar
Dear Varun,
it seems you are not experienced in HR field. can you let me know your existing experience, Qualification, job Location, CTC,
any way under minimum wages which aspect let you to be confused weather existing minimum wages rate or anything else kindly do let me know
Warm Regard
Devesh Chauhan
Practicing in Accounts, Finance, Taxation, Labour Laws
Dear Dev,
Yeah I have approx one year experience in HR Department and if you are talking about Qualification, job Location, CTC than its mentioned in below.
Qualification :- pursuing MBA ( HR )
job Location :- Gurgaon
Regards,
Varun Kumar
Dear Dev,
I already know that if an employee is taking below 15K/M Salary than PF & ESIC are mandate to deduct.
also if his salary would be increase after few month and it will be increased above 15K/M however PF & ESIC amount will deduct continuously from his salary but i wanted to know that if an employee joined with Higher salary package which above 20K than PF & ESIC will not be deducted but if the employee want to deduct the PF amount from his salary than it will be.
Kindly provide me a better solution.. Thanks./
Regards,
Varun Kumar
Dear Varun,
if employee declaration in form 11 Stated that he/she is already member of EPF then company must have to deduct her/his PF inspite having basic plus DA exceed 15K. for example if An employee join company with 25K basic also he has declared in form 11 that he is not presently EPF member then its depends on your company weather to deduct PF or Not either your company Restrict the contribution on fixed 15K or company can deduct even on 25K however if company deduct PF on 25K (exceed 15K) then employee will not be member of EPS entire 24% contribution shall be deposit in EPF A/C column 1 Not in column 10 EPS A/C,
Warm Regard
Devesh Chauhan
Practicing In Accounts, Finance, Taxation, Labour Laws
Dear Dev,
please guide me about the salary structure ,
what is the percentage of below details:--
Details:---
Gross Salary
Basic
HRA
City Compensatory All
Conveyance
Medical
Educational
LTC
Please provide me the % percentage of above details. Thanks./
Regards,
Varun Kumar
Dear Varun,
percentage of certain component is depends on company policy hence it may be differ company to company also according to CTC however salary component like medical, conveyance, LTA etc. is to reduce the tax burden of employee. the employer is not bound to provide the medical, conveyance, LTA because its not statutory component?
generally we do calculate the CTC
for eg. if CTC is 50000
we will calculate as under....
* basic 50% of CTC, 25K,
* HRA 50% of basic if employee is residing in metro city for non metro it is 40% of basic, assume employee is residing in gurgaon hence 40% of basic shall be consider, 10K,
* medical reimbursement 40% of basic, 10K,
* conveyance allowance 10% of basic, 2.5K
* LTA 10% of basic, 2.5K

total will be 100% 50000/-
i have not add
city compensatory allowance because it is fully taxable in income tax, and in medical allowance children tuition fees Rs. 100 per child is exempt sebjected to maximum two child,

hope it is clear Now
if any doubt let me know,

Thanks & Regard

Devesh Chauhan

Practicing in Accounts, Finance, Taxation, Labour Laws
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