Understanding TDS Deductions: How Much Should Be Taken from My $35,000 Salary?

Hi, I am working with a movie production house, and my salary is $35,000. I want to know how much amount the company should deduct as TDS from my salary.

If you are on a contract basis, normally the TDS would be approximately 10.3% of 35,000 INR per month, which should be around 3,605 INR. However, when you file for your tax returns, almost half of the deducted TDS can be refunded.

Thank you.

As per my knowledge, your CTC is ₹4,20,000, and in this, ₹2,00,000 is exempted. Now you're left with ₹2,20,000. Under section 80C, you can show savings of ₹1,00,000. Now you're left with ₹1,20,000. As you fall under category A (i.e., 10% tax would be deducted on this), so ₹1,20,000 * 10/100 = ₹12,000 per annum. Per month, ₹1,000 would be deducted every month.

Tax Deductions Overview

Still, we can restrict tax under Section 80D for Health Insurance Premiums up to ₹15,000 per annum and Medical Reimbursement up to ₹15,000 per annum. Under Section 10, HRA, conveyance, and PT (Professional Tax) can also be shown.

In Brief:

- Your CTC = ₹4,20,000 PA
- 80C = ₹1,00,000 PA
- 80D = ₹15,000 PA
- Medical Reimbursement or Allowances = ₹15,000 PA
- HRA (Depends on the receipts)
- PT & Conveyance = ₹12,100

So, in total, in a month you will be deducted not more than ₹300.

Kindly help me with your monthly salary break-up, such as Basic, HRA, Conv. All, Other Allow, Bonus, Arrears, Gross, and the deductions like P.F. and P.T. Also, mention your investments for the year 2012-2013. I shall help you with the exact amount of TDS deduction.

Kindly find the attached document. I have only considered Conveyance and PT for now. The Annual Tax to be Deducted is $21,413.7, and the Monthly Tax to be Deducted is $1,784.475. These amounts may reduce if you provide details of your investments.

Thank you.

Regards

Hi Aakash, kindly help me with your monthly salary break-up, such as Basic, HRA, Conv. All, Other Allow, Bonus, Arrears, Gross, and the deductions like P.F. and P.T. Also, mention your investments for the year 2012-2013. I shall help you with the exact amount of TDS Deduction.

Hi, the CTC is 480,000, and there is no PF deduction, no phone bill allowance. Please calculate it.

Have you made any tax savings under sections 80C and 80D? If not, please review the previous attachment.

Annual Tax Details

- Annual Tax to be Deducted: 21,413.7
- Monthly Tax to be Deducted: 1,784.475

I am enclosing herewith an Excel file. From this file, you can calculate your TDS.

Regards,

Hello Aakash, I am enclosing herewith an Excel file. From this file, you can calculate your TDS. Dear, I am getting a CTC of 480,000, and there is no PF deduction, no other deductions, only tax deduction. In that case, please send me the details.

Please find the attached payslip and also the tax calculation. I have excluded PF in both sections, i.e., in the salary break-up and also while calculating tax. Let me know if you want any amendments accordingly.

Regards