What will be Monthly Tax Deduction of an Employee withdrawing a Gross Salary of Rs.42,000 per month?

abhinavchandra82
Dear HR Skippers, Greetings for the Day!
I would like to know what will be Monthly Tax Deduction of an Employee withdrawing a 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 advise the same to my employee.
jprakash987
Dear Abhinav Chandra,
you are not mention the how much of basic & HRA amount providing your employees.
Normally Company's will follow the 40% of Basic & 20% of HRA.
i am assuming on the basis. you mention Gross Salary 42,00/-
Basic= 16,800/-
HRA = 8,400

Gross salary (PA) = 5,04,000/-
Less HRA Exem = 73,290/-
Conveyance = 9,600/-
Medical Expenditure 15,000/-( Medical Bills Should be submitted)
Gross Salary = 4,06,110/-
Less Dec 80 C = 50,000/-
Professional tax = 2,400/-
Taxable Salary = 3,53,710
Tax on salary income = 15,832/-
abhinavchandra82
Dear Mr.Prakash,
Thanks for your reply ....
Please find below the salary details :
Basic 7,500
HRA 3,750
Convy.Allow 800
Special Allow 29,325
Medical Allowance 625
GROSS SALARY 42,000
LTA 625
Ex-Gratia 625
PF 900
Gratuity 361
CTC per Month 44,511
Job Location : Delhi
jprakash987
Dear Abhinav Chandra
Please find the attachment sheet for salary calculation for FY 12-13 AY 13-14.
As per your quoted salary calculated as follows.
Basic Salary 90,000 (PA)
HRA 45,000/- (PA)
Conveyance 8,600/- (PA)
other allow 3,51,900/- (PA)
Medical Remb 7,500/- (PA)
Gross Salary Income 5,04,000/-
Less :
HRA Exempted 41,250/-
conveyance Allow 9,600/-
Medical Reiumb 7,500/-
professional tax 2,400( It wary form state to state )
Gross Total Income = 4,43,250/-
Less:
LIC Paid = 50,000/-
PF (Employee con) = 10,800/-
Net Total Taxable Income = 3,82,450/-
Tax on income = 18,245/-
Education Cess = 547/-
Total Tax for FY 12-13 is 18,792/-
Monthly you should deduct 1,566/-
Note: All ready 7 months over.
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dineshtomar29@gmail.com
hi please let me whats the calculation for pernity leave
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