Hi Jagan,
You already raised a query on TDS which was answered in this link-
Also go thru this link-
https://www.citehr.com/605759-tds.html.
Also see pertinent information in this earlier post:
https://www.citehr.com/305844-how-do...alary-xls.html
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So far as HRA exemption is concerned the formula for exemption is as follows:
Least of any of the following amounts qualify for exemption limit for HRA received by the employee: If Rent paid is Rs.5,000/-p.m. = 60,000 p.a.
i) HRA Received (say for e.g. Rs.48,000 p.a. @ 4,000 p.m.) = 48,000
ii) Rent paid in excess 10% of salary = 60,000-36,000 = 24,000
(If total salary is Rs.3,60,000 p.a. @ Rs.30,000 p.m. then 10% thereof works out
Rs.36,000/-)
iii) 50% (in respect of metro cities Delhi, Mumbai, Kolkata, Chennai)
40% (in respect of other cities) For Pune it's 40% =1,40,000
Least of the above i, ii, iii is Rs.24,000- Therefore HRA exemption eligible here is Rs.24,000/-p.a. Also you can use the attached working sheet to compute the HRA exemption limit.
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Savings towards EPF, LIC premium, PPF, Investment in NSC and other approved items will qualify for a maximum of Rs.1,50,000 for the Financial year 2018-19.
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For the Financial year 2018-19, there is no separate limit for Female salaried employees. The Following slabs will apply for both male & female employees:
Income Tax Slab Rate for AY 2018-19 for Individuals:
1.1 Individual (resident or non-resident), who is of the age of less than 60 years on the last day of the relevant previous year:
Taxable income Tax Rate
Up to Rs. 2,50,000 Nil
Rs. 2,50,000 to Rs. 5,00,000 5%
Rs. 5,00,000 to Rs. 10,00,000 20%
Above Rs. 10,00,000 30%
1.2 Resident senior citizen, i.e., every individual, being a resident in India, who is of the age of 60 years or more but less than 80 years at any time during the previous year:
Taxable income Tax Rate
Up to Rs. 3,00,000 Nil
Rs. 3,00,000 - Rs. 5,00,000 5%
Rs. 5,00,000 - Rs. 10,00,000 20%
Above Rs. 10,00,000 30%
1.3 Resident super senior citizen, i.e., every individual, being a resident in India, who is of the age of 80 years or more at any time during the previous year:
Taxable income Tax Rate
Up to Rs. 5,00,000 Nil
Rs. 5,00,000 - Rs. 10,00,000 20%
Above Rs. 10,00,000 30%
Plus:
Surcharge: 10% of tax where total income exceeds Rs. 50 lakh
15% of tax where total income exceeds Rs. 1 crore
Education cess: 3% of tax plus surcharge
Note: A resident individual is entitled for rebate u/s 87A if his total income does not exceed Rs. 3,50,000. The amount of rebate shall be 100% of income-tax or Rs. 2,500, whichever is less.
2. Income Tax Rates for HUF/AOP/BOI/Any other Artificial Juridical Person:
Taxable income Tax Rate
Up to Rs. 2,50,000 Nil
Rs. 2,50,000 to Rs. 5,00,000 5%
Rs. 5,00,000 to Rs. 10,00,000 20%
Above Rs. 10,00,000 30%
Plus:
Surcharge: 10% of tax where total income exceeds Rs. 50 lakh
15% of tax where total income exceeds Rs. 1 crore
Education cess: 3% of tax plus surcharge.