Tax Calculation Assistance Needed
I am working as an executive HR point of contact (SPOC) in a France-based MNC. I am unable to understand the tax calculation, and it is not part of my job, but I have to do it because I have been suffering from mental torture for the last two months. Please guide me on this. Details are mentioned below:
- **Name:** ABC
- **Basic:** 22,000
- **HRA:** 11,000
- **Conveyance Allowance:** 2,000
- **Education Allowance:** 400
- **Special Allowance:** 3,000
- **Monthly Gross:** 38,400
- **Annual Gross:** 460,800
- **Annual Bonus:** 50,000
- **Annual Income Total:** 510,800
- **PF:** 2,640
- **Annual PF:** 31,680
- **P.Tax:** 150
- **Annual P.Tax:** 1,800
Please provide the tax calculation with annual income after deducting tax for unmarried men and women, as well as married men and women on an urgent basis.
Thanks & Regards,
From India, Hazaribagh
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2I am working as an executive HR point of contact (SPOC) in a France-based MNC. I am unable to understand the tax calculation, and it is not part of my job, but I have to do it because I have been suffering from mental torture for the last two months. Please guide me on this. Details are mentioned below:
- **Name:** ABC
- **Basic:** 22,000
- **HRA:** 11,000
- **Conveyance Allowance:** 2,000
- **Education Allowance:** 400
- **Special Allowance:** 3,000
- **Monthly Gross:** 38,400
- **Annual Gross:** 460,800
- **Annual Bonus:** 50,000
- **Annual Income Total:** 510,800
- **PF:** 2,640
- **Annual PF:** 31,680
- **P.Tax:** 150
- **Annual P.Tax:** 1,800
Please provide the tax calculation with annual income after deducting tax for unmarried men and women, as well as married men and women on an urgent basis.
Thanks & Regards,
From India, Hazaribagh
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Hi,
I am enclosing a tool for calculating the tax. I hope it might help you to calculate. I feel it is better if you could have added the medical allowance to reduce the tax.
To calculate the TDS, you should require all the savings details as well.
Are these tax calculations done by the finance team, right?
From India, Bangalore
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I am enclosing a tool for calculating the tax. I hope it might help you to calculate. I feel it is better if you could have added the medical allowance to reduce the tax.
To calculate the TDS, you should require all the savings details as well.
Are these tax calculations done by the finance team, right?
From India, Bangalore
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you can update the relevant details in the relevant fields. So by default it will calculate the tax
From India, Bangalore
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From India, Bangalore
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Dear Sweksha, as you asked, there is no bar for married/unmarried or male/female in income tax. Mr. Jeeva has helped you with a tool through which TDS (Income Tax) can be calculated. However, before reaching any tax deductions, there are many exemptions, allowances, and deductions that can be subtracted from the salary before making any tax deduction. The scenario can vary from person to person. For better understanding, please note the following:
- HRA Exemption (almost 50%): Can be more or less as per the actual situation.
- Conveyance: $19,600 per annum.
- 80C Deductions: $1.50 lakh per annum.
I have made the calculation based on the details provided by you. I hope this meets your requirements.
Kind regards
From India, Delhi
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- HRA Exemption (almost 50%): Can be more or less as per the actual situation.
- Conveyance: $19,600 per annum.
- 80C Deductions: $1.50 lakh per annum.
I have made the calculation based on the details provided by you. I hope this meets your requirements.
Kind regards
From India, Delhi
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ESI & PF Calculations.do c
ESI & PF CALCULATION.xls