Hi Naina
For deducting the TDs first you have to understand the IT Slabs. IT is exempted upto 2,50,000/- & any employee who draws the income between 2,50,000/- to 5,00,000/- is 10%,
income between 5,00,000/- to 10,00,000/- is 20%,
income above 10,00,000/- is 30%,
For that you have lot of calculations such as HRA Exemption, Medical Allowance, conveyance Allowance, Housing loans, Savings etc
With out kowing those you can't deduct tax. So in general finance team will handle.