Respected sir, please provide my salary income tax calculation. I have earned Rs 36,500 as my monthly salary. Kindly provide the income tax calculation based on the salary details below:
Salary Details
- Basic salary: 14,100
- House rent allowance: 4,000
- Outstation allowance: 6,050
- Special allowance: 5,150
- Grade allowance: 4,500
- Medical allowance: 1,500
- Education allowance: 1,200
- Total gross salary: 36,500
Thank you.
From United States, Chicago
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Salary Details
- Basic salary: 14,100
- House rent allowance: 4,000
- Outstation allowance: 6,050
- Special allowance: 5,150
- Grade allowance: 4,500
- Medical allowance: 1,500
- Education allowance: 1,200
- Total gross salary: 36,500
Thank you.
From United States, Chicago
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Hi Please find the attached TDS workings for your salary. Regards karthik
From India, Vijayawada
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80From India, Vijayawada
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In the above posting, no details on deductions and savings are incorporated. As per an annual income of 36,500 x 12 = Rs. 4,38,000, details of tax affected are:
- Up to 200,000, no tax is applicable.
- For the balance of 238,000, Income tax = 23,800.
- Cess at 3%, 23,800 x 3% = 714.
- Total Income Tax = 23,800 + 714 = 24,514.
Abbas.P.S
From India, Bangalore
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- Up to 200,000, no tax is applicable.
- For the balance of 238,000, Income tax = 23,800.
- Cess at 3%, 23,800 x 3% = 714.
- Total Income Tax = 23,800 + 714 = 24,514.
Abbas.P.S
From India, Bangalore
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Dear Abbas, please go through the attachment. There are a few components where an employee receives income but will be using it, which is a tax exemption. Tax will be calculated on the net income, which is deductions.
Example of Tax Exemptions
For example: Medical reimbursement 1250 * 12 = 15000; Conveyance 800 * 12 = 7200; HRA 40% of Basic or as per City restrictions, Children's Tuition fee, Professional tax 200 * 12 = 2400, PF Employee deduction. If you subtract all these from gross, then the net income will be derived. From that, deduct 100000 savings and 200000 Govt Exemption to get the taxable income.
Regards,
Karthik
From India, Vijayawada
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Example of Tax Exemptions
For example: Medical reimbursement 1250 * 12 = 15000; Conveyance 800 * 12 = 7200; HRA 40% of Basic or as per City restrictions, Children's Tuition fee, Professional tax 200 * 12 = 2400, PF Employee deduction. If you subtract all these from gross, then the net income will be derived. From that, deduct 100000 savings and 200000 Govt Exemption to get the taxable income.
Regards,
Karthik
From India, Vijayawada
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Below is my salary structure. Can anyone please calculate TDS with the details provided below? Details are per annum:
- BASIC SALARY: $94,104.00
- BONUS RECURRING: $3,504.00
- CONVEYANCE: $9,600.00
- HOUSE RENT ALLOWANCE: $37,644.00
- MEDICAL ALLOWANCE: $15,000.00
- SPECIAL ALLOWANCE: $153,840.00
- PROFESSIONAL TAX: $200.00
- PROVIDENT FUND: $941.00 (Per Month)
I just need to know how much tax will be payable and please suggest ways to avoid deductions.
Thanks,
Kumar
From United States, Milpitas
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- BASIC SALARY: $94,104.00
- BONUS RECURRING: $3,504.00
- CONVEYANCE: $9,600.00
- HOUSE RENT ALLOWANCE: $37,644.00
- MEDICAL ALLOWANCE: $15,000.00
- SPECIAL ALLOWANCE: $153,840.00
- PROFESSIONAL TAX: $200.00
- PROVIDENT FUND: $941.00 (Per Month)
I just need to know how much tax will be payable and please suggest ways to avoid deductions.
Thanks,
Kumar
From United States, Milpitas
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SALARY CALCULATOR & INCOME TAX.zip
Income Tax Calculation 2009-10 - Salaries.xls