I am working in a private company, and my salary structure per month is as follows:
- Basic Salary: Rs. 10,000
- House Rent Allowance: Rs. 4,000
- Conveyance Allowance: Rs. 2,000
- Medical Allowance: Rs. 2,000
- Total: Rs. 18,000/- per month
How much amount shall be deducted from my salary towards TDS or IT? Please clarify.
From India, Hyderabad
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- Basic Salary: Rs. 10,000
- House Rent Allowance: Rs. 4,000
- Conveyance Allowance: Rs. 2,000
- Medical Allowance: Rs. 2,000
- Total: Rs. 18,000/- per month
How much amount shall be deducted from my salary towards TDS or IT? Please clarify.
From India, Hyderabad
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Hi, your annual CTC is 216,000. As per income tax slabs, 160,000 is exempted from tax (assuming you are a male non-senior citizen). Hence, the taxable amount is 56,000 (216,000 - 160,000 = 56,000).
In which HRA is partially exempted from tax, and local conveyance up to 9,600 is exempted from tax. Hence, 56,000 - 9,600 = 46,400. If you claim for HRA, you will not fall under taxable income at all.
Hope it cleared your doubts.
Thanks & Regards,
Shilpa Gowda
From India, New Delhi
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2In which HRA is partially exempted from tax, and local conveyance up to 9,600 is exempted from tax. Hence, 56,000 - 9,600 = 46,400. If you claim for HRA, you will not fall under taxable income at all.
Hope it cleared your doubts.
Thanks & Regards,
Shilpa Gowda
From India, New Delhi
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You will not fall under tax net as rightly said by Shilpa. Your PF contribution will be considered under sec 80 C for tax exemption. Therefore, no tax will be payable. Enjoy. Pon
From India, Lucknow
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From India, Lucknow
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Dear [Employee], your monthly salary is Rs 18,000 x 12 = Rs 216,000/-. Income Tax (IT) Rules exempt Rs 160,000/- for individuals, making the taxable amount Rs 56,000/-. However, if your basic salary is Rs 10,000/-, your Provident Fund (PF) account is Rs 14,400/-, which is exempt.
House Rent Allowance (HRA) is also exempt from IT Rules, and Professional Tax (P Tax) of Rs 2,500/- is exempt from IT Tax. Additionally, you have an exemption limit of Rs 100,000/- under 80C and education of Rs 10,000/-. As a result, you are not subject to Tax Deducted at Source (TDS). Relax and enjoy the benefits.
Kind regards, [Your Position]
From India, Delhi
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House Rent Allowance (HRA) is also exempt from IT Rules, and Professional Tax (P Tax) of Rs 2,500/- is exempt from IT Tax. Additionally, you have an exemption limit of Rs 100,000/- under 80C and education of Rs 10,000/-. As a result, you are not subject to Tax Deducted at Source (TDS). Relax and enjoy the benefits.
Kind regards, [Your Position]
From India, Delhi
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