TDS on Salaries?

Question

I am below 40, female, my salary Per Month 30,000/-, School fee Rs.12000 P/Year, Housing loan 36,000/- p/year, P.tax 2400/- p/year. Now how to calaculate TDS on my salary.

Answer 1

You will need to furnish the breakup more clearly; in the sense what is the basic, is there Children's Education allowance, is there DA etc. If you do not have the Children's Education component in pay structure, the tuition fees does not help. In addition how many children's education fees is this?

You may dowload the tax calculator from http://prrajan-tax.blogspot.com/2008/03/... change cell B22 in "Parameters" tab and then fill the details to know your tax liability. You may ping me using my Y! profile in case you have problems using the calculator.

Answer 2

What is the breakup your salary --- HRA, conveyance allowance, medical allowance.. For salary breakup to get maximum deductions, read:Income From Salary http://mytaxes.in/index.php?topic=17.0

School fee is not deductible. Housing loan capital repayment is deductible under section 80C. Professional tax is deductible. The amount not subject to tax is Rs. 1,45,000.

Read about India Income tax rates for financial year 2007-08 (assessment year 2008-09): http://mytaxes.in/index.php?topic=16.0

Answer 3

First u need to tell the salary break up. to calculate TDS

Housing loan you will get exemption for both interest and

principle under different heads.  Profession tax is fully xempted school fee per child  15000 exempted

Answer 4

your income is tax free as per new rules..so don't worry..