Dear Seniors,
I am an employee in a private ltd firm and draws the total annual salary of 36000. When recently I checked my employee portal it reflects total TDS to be deducted as 67000.
Monthly salary structure is
Basic - 15000
HRA - 6000
Medical Reimbursement - 1250
Special Allowance - 6950
Transport Allowance - 800
Deduction of Professional Tax - 200
Total Monthly Salary 30000
Net inhand salary 29800
Now employer has started deducting the TDS from month of june 1000 and july 2000 againt the total TDS to be deducted.
Would like to know if this is genuine and if not what will be the proper approach to get this resolved.
From India, Bangalore
I am an employee in a private ltd firm and draws the total annual salary of 36000. When recently I checked my employee portal it reflects total TDS to be deducted as 67000.
Monthly salary structure is
Basic - 15000
HRA - 6000
Medical Reimbursement - 1250
Special Allowance - 6950
Transport Allowance - 800
Deduction of Professional Tax - 200
Total Monthly Salary 30000
Net inhand salary 29800
Now employer has started deducting the TDS from month of june 1000 and july 2000 againt the total TDS to be deducted.
Would like to know if this is genuine and if not what will be the proper approach to get this resolved.
From India, Bangalore
Hi Shruti,
Your total tax comes out to be around 8000 for the year 1 April 2014-31 march 2015. So, ideally the monthly tax (TDS) that they should deduct is about Rs. 670.
Here is the complete take home calculation for you with taxes and other details:
Take home India 29.30 Thousand, CTC 3.68 Lakh, Year 2014 - AM22 Salary Calculator India
You can save this tax as well if you can do following:
-You can invest Rs. 150000 more to take the full advantage of tax free investment to lower your taxes.
You can reduce your yearly tax by Rs. 8094 if you can invest 150000 more in tax saving investments.
This will increase your monthly in-hand salary by Rs. 735
- Pay them monthly home rent of upto Rs. 7500 and reduce your yearly tax by Rs. 7416. It will also increase your monthly in-hand by Rs. 618.
- If you can provide the yearly medical bills of Rs. 15000 , You can save tax upto Rs. 1545 and increase your monthly in-hand by Rs. 140.
Let me know if you need more information.
From India, Delhi
6Your total tax comes out to be around 8000 for the year 1 April 2014-31 march 2015. So, ideally the monthly tax (TDS) that they should deduct is about Rs. 670.
Here is the complete take home calculation for you with taxes and other details:
Take home India 29.30 Thousand, CTC 3.68 Lakh, Year 2014 - AM22 Salary Calculator India
You can save this tax as well if you can do following:
-You can invest Rs. 150000 more to take the full advantage of tax free investment to lower your taxes.
You can reduce your yearly tax by Rs. 8094 if you can invest 150000 more in tax saving investments.
This will increase your monthly in-hand salary by Rs. 735
- Pay them monthly home rent of upto Rs. 7500 and reduce your yearly tax by Rs. 7416. It will also increase your monthly in-hand by Rs. 618.
- If you can provide the yearly medical bills of Rs. 15000 , You can save tax upto Rs. 1545 and increase your monthly in-hand by Rs. 140.
Let me know if you need more information.
From India, Delhi
Please note that the CTC that the link shows is 368000 instead of 360000. This is because the calculator considers Gratuity too.
In your case, the gratuity is not applicable and hence you can simply ignore the extra 8k. It does not make any difference to you monthly take home salary.
From India, Delhi
In your case, the gratuity is not applicable and hence you can simply ignore the extra 8k. It does not make any difference to you monthly take home salary.
From India, Delhi
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Responsibilitie s of person who is responsible for deduction of TDS on salary.docx
Amendment in Section 192A of the IT Act, 1961- Instructions for deduction of TDS on withdrawal f.pdf