Sridhar (Student CMA) (77 Points)
22 January 2014Dear Frnds & Experts,
How to calculate TDS for an individual?
Assuming a person draws a salary of Rs.75000 per month. which includes basic 55% of Rs.75000, transport allowance Rs.800, HRA at 15% of Rs.75000 and remaining as other allowance. He declares a LIC policy as an investment for Rs.12000 per annum. He has taken a house loan and paying interest of Rs.200000 per annum.
Kindly help me how to calculate TDS. If possible step by step.
Mihir
(Wealth Manager)
(5293 Points)
Replied 22 January 2014
Taxable income = approx Rs. 6,28,000/-
Tax liability = Rs. 56,000/-
Wait for more replies.
CA Kumar Ajay
(Following My Dreams)
(228 Points)
Replied 22 January 2014
Kindly Provide Additional Info:
* Actual Rent Paid ??
* Whether Residing In Metro City Or Non Metro City???
Mihir
(Wealth Manager)
(5293 Points)
Replied 22 January 2014
Taxable income = Rs. 567,400/-
Tax liability = Rs. 44,784/-
Sridhar
(Student CMA)
(77 Points)
Replied 22 January 2014
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