Understanding TDS: How Much Tax Is Deducted from a 3 Lakh Salary and More Tax Queries

TDS and Tax Queries

Kindly suggest and help me solve my query about TAX (TDS). I want to know about the TDS slab and answers to the following questions:

1. If an employee earns 3 Lakh per annum, how much TDS will be deducted from their salary?
2. If an employee pays 20% tax, what is the CTC and take-home salary?
3. If you have any tax slab or tax calculation sheet, please send it to my email ID.
4. What is the process for tax claim and withdrawing the TDS amount?

Please send me a calculation sheet after preparation and share the criteria for tax and TDS savings as well. Thank you :)

Best Regards,
Varrun Kumar

Tax Slab Information

The tax slab is as follows:

- Up to ₹250,000: Exempt
- ₹250,000 to ₹500,000: 10% tax
- ₹500,000 to ₹1,000,000: 20%
- More than ₹1,000,000: 30% plus 3% education cess (2% education plus 1% SHEC)

For senior citizens, the exemption is up to ₹300,000, and for super senior citizens, the exemption is up to ₹500,000. Tax calculation depends on earnings and investments. There are many deduction sections like 80C, 80G, 80D, 80DD, 80E, 24B, 80GG, and rebate under section 87A, etc.

Feel free to get in touch with me for tax implication matters.

Warm Regards,
Devesh Chauhan
Practicing in Accounts, Finance, Taxation, Labour Laws

Thank you for this valuable answer and support; I am really thankful to you. Please let me give you another clarification about sections such as 80C, 80G, 80D, 80DD, 80E, 24B, 80GG, and rebate u/s 87A. Also, could you please provide some clarification on the following questions:

1. What is the SHEC, and could you 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?

Could you also provide me with an Excel sheet containing calculation formulas for this TAX SLAB?

Thanks and Regards,
Varun Kumar

Understanding SHEC and Senior Citizen Exemptions

SHEC means Secondary Higher Education Cess. For senior citizen exemption, the age limit is 60 years. For super senior citizens, it is 80 years. However, understanding the deductions under various sections like 80C, 80D, 80GG, 24B, etc., is a complex concept because each section has its purpose, criteria, and ceiling limit.

Can you please let me know if you are a student or working in the accounts department? Kindly confirm, and then I will guide you accordingly with practical calculations.

Warm Regards,

Devesh Chauhan

corrected_content: Understanding SHEC and Senior Citizen Exemptions

SHEC means Secondary Higher Education Cess. For senior citizen exemption, the age limit is 60 years. For super senior citizens, it is 80 years. However, understanding the deductions under various sections like 80C, 80D, 80GG, 24B, etc., is a complex concept because each section has its purpose, criteria, and ceiling limit.

Can you please let me know if you are a student or working in the accounts department? Kindly confirm, and then I will guide you accordingly with practical calculations.

Warm Regards,

Devesh Chauhan

Mr. Chauhan,

Thanks for the info.

Yes, I am working in the HR payroll department where I have to solve different types of queries from employees. That's why I need to gain more knowledge about TAX, PF, and ESIC. Would you please guide me and provide me with the necessary information as per my requirements? Thanks, Boss.

Regards,
Varun Kumar