Replys

1. 

   Prasanth - April 17th, 2010 at 8:45 am

   I beg to differ from what JSS has mentioned in a slight manner. Please note that the new IT slabs proposed in the budget are not yet passed in Parliament, which means that your firm is calclating TDS based on old tax rates.
   As JSS has mentioned, your gross per annum is 1,80,000 and if 12% is your PF contribution, then (ignoring HRA and Health Insurance), your taxable income is 1,69,920. IT comes to 8224 (inclusive of Edu Cess) which means that TDS should be 685 (without even considering rent and mediclaim).
   Let me say that you will get "zero" benefit with your rent receipts since there is no HRA in your salary breakup.
   I think you should clarify this with your firm, since I knw firms which deduct more than what is necessary for first couple of months in the FY and then start deducting lower TDS rates. I suggest you download the IT Calculator from http://prrajan-tax.blogspot.com/2008/01/india-income-tax-calculator-for-fy2007.html – although this is for FY2007-08, this is what is probably being used by your firm fr now. FYI – you can check your new Tax liabilities using the calculator at http://prrajan-tax.blogspot.com/2008/03/indian-income-tax-calculator-for-fy2008.html
2. 

   Jss - April 17th, 2010 at 8:45 am

   Your yearly income is Rs. 1,80,000.
   You did not give figures for house rent and Health insurance so I am not taking into consideration.
   For FY 2008-2009, the exemption is Rs. 1.50 lac.
   Your taxable income is Rs. 30,000. Tax is 3,000.
   TDS per month is 3000/12 = Rs. 250

   Normally, after deductions of allowances, there is no TDS on your salary.
   You must read here:
   TDS from salary http://mytaxes.in/index.php?topic=12.0 and income from salary
   http://mytaxes.in/index.php?topic=17.0

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