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What would be the net pay for a salary of £20,000?

What is my tds when my salary is Rs.20000 per month?

  • My company deducted Rs.4317 as TDS from my April months salary.I have joined this firm on 2009 june with a salary of Rs.17000 per month.There is no PF or any medical allowance in this company,but they deducted Rs.200 per month as professional tax also there is no salary account,every month my savings account with HDFC Bank shows as fund transfer from my branch.I got a salary increment of Rs.3000 in 2010 september and now my salary is Rs.20000 also the company gives me a daily allowance of Rs.175 per day and travelling expenses.But now the problem is that they have deducted Rs.4317 from my april 2011 salary as TDS.Is that a right amount if it is so,whether i get any reimbursement?I only have a mediclaim policy,and its premium is Rs.2300 per annum.Looking forward for a kind replay,Thank You.

  • Answer:

    With the sketchy details given, it is difficult to calculate the exact tax for 2010-2011. Total income earned during 2010-11 is @ Rs. 17,000 for 5 months and @ Rs. 20,000 for 12 months. Calculate the total income earned during 2010-11. From that sum deduct the profession tax of Rs. 2,400 (for 12 months @ Rs. 200) Deduct the mediclaim premium paid. Deduct the sum saved by paying premium for any life insurance policy by yourself. Out of the balance deduct the first 1,60,000 which is tax free. Calculate 10.30% tax on the balance amount. If that sum comes to Rs. 4,317, tax due has been correctly deducted. If any doubts exist, get in touch with your own company management for clarification.

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Company is deducting correct TDS. Need not worry.

SudhakarK

Your gross salary is Rs 240000.00 and upto net income of Rs 160000.00 no tax is deductable or payable. If you have invested or plan to invest in any avenue as specified in section 80C or 80D like LIC. PPF, NSC or mediclaim premium then in order to avail deduction u/s 80C and 80D inform you co about this investment. Co will consider these investment and will allow deduction from gross salary of Rs 240000.00. Resulting figure may be below Rs 160000.00 and then no tax will be duducted by co. As far as TDS already deducted by co, this amount can be claimed as refund from income tax department by filling ITR after the close of this financial year.

SANTOSH KUMAR

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