Hi,,,,,
If a employee (MALE) joins our company in may-08. And we provide the following salary.
Basic-16000 p.m
HRA- 4500 p.m
Trpt. allowance-800 p.m
spc. allowance- 4500 pm
Means total salary will be given 25,800/- p.m
means i have to calculate for 11 months salary (from may to march 09) assuming that the employee will do his job since March-09.even if i calculate the TDS on salary on 31 jan 09.
means Basic salary will b 176000/-
HRA 49500/- (No rent paid by employee so fullt taxable)
Trpt. allownce 8800/-
Spc. allownce 49500/-
less: exemption Trpt. allownce-8800/-
Net salry income will b Rs. 275000/-
less : ded u/s 80 c PPF 55000/- (5000/- paid by employer in PPF)
Life insurance premium paid 25000/-
ULIP 10000/-
Children tution fees 5000/-
Taxable salary will b Rs. 180000/-
Tax will be caluclated on 180000/- & tax amount would be 3,090/-
and 3090/11=281/- will be deducted from every month from his salary ?????
and the company has not deducted ant TDS before, means from May 08 to jan 09 (9 months*281/-)= 2529/- will be deducted from his salary in the same month salary (ie: Feb month) or not?????????
And also why the company has not deducted TDS in the month of May-08 when employee joins the company. Is that because of 150000/- limit or not????
Please clarify me all the above ponits ........
I shall be very thankful to you.............................