Need Help Calculating TDS on My Salary Structure – Can Anyone Guide Me?

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

You can try this attachment. It is helpful for calculating TDS.

Another thing, check the PF amount as it should be 12% of the basic.

Thanks

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

This might be useful for you for calculating TDS. If any savings are there, enter them in the 80C section to reduce the value.

I am enclosing herewith a computation for which you can calculate TDS accordingly.

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.

Annual bonus or ex-gratia payments also form part of remuneration/income from salary and must be included for IT computation.

Regards,
S. Dass

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,