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Salary Calculation and Tax Deductions Guide

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0% found this document useful (0 votes)
90 views2 pages

Salary Calculation and Tax Deductions Guide

Uploaded by

abinand29
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd

Old Regime

Name of Employee : RAJIMOL.V.R ( PAN - BOMPR3266L )


Designation & Name of Office : STAFF NURSE GRADE1, FHC PUNNAPRA NORTH PEN :

1 a) Salary Income (includes Pay, DA, HRA, CCA, IR, DA/PR Arrear etc) 746808
b) Leave Surrender 0
c) Festival Allowance / Bonus /Ed-gratia and Incentive 2750
d) Gross Salary Income (a+b+c) 749558
2 Deduct: HRA in case of persons who actually incur expenditure by way of rent :
i) Actual HRA receivable during this year 26912
ii) Actual Rent payable in excess of 1/10 th of Salary
iii) 40% of the Salary (Basic + DA) 287958
(i) to (iii) whichever is least is excempted 0
3 Balance ( 1 - 2 ) 749558
4 Deduct
(a) Standard Deduction 50000
(b) Entertainment Allowance 0
(c) Professional Tax 2500 52500
5 Net Salary Income (3 - 4 ) 697058
6 Deduct interest on HBA (Max Rs.30,000 before 1.4.1999 or 2 Lakh. Sec 24(b) 75000
7 Any other income (Business Capital gains, Bank Interest or Other Sources) 0
8 Gross Total Income (5-6+7) 622058
9 a) 80-D Health Insurance-Mediclaim (Family Max 25000 + Parents 25000 / 30000 3000
b) 80-DDD Expense on treatment of mentally or physically handicapped dependents 0
c) 80-DDB Expenditure on medical treatment of the employee for specified deceases 0
d) 80-E Interest on Educational Loan for higher education for self or dependend children 0
e) 80-EE - Addl interest of Rs.50,000 on house purchase loan taken in 2016-17 0
f) 80-EEB - Interest on loan taken for Purchasing Electric Vehicle 0
g) 80-GG Deduction of Rent paid (To those who are not getting HRA) (See coditions) 0
h) 80-U For employee with disability (Rs.75,000 or If >80% disability 1.25 Lakh) 0
i) 80-G Donations to Notified Funds and charitable institutions (see conditions) 0
j) 80-TTA Deductions for Income from Bank Interest (Max. 10,000) 0
Deduct : Total of 9 3000
10-1 a) Life Insurance premia of self, spouse and children (Salary deductions) 23724
b) Contribution towars GPF / KASEPF 60000
c) Contribution towars SLI, GIS, FBS,PLI (Salary Deduction) 21600
d) Other
e) Contribution made ULIP, UTI, LIC (other than salary deduction) 0
f) Tax saver in scheduled bank / Post Office for a period of not less than 5 years 0
g) Purchase of NSC / Tax Saving Units of Mutual Fund / UTI 0
h) Contribution to any deposit scheme or pension fund set up by NHB 0
i) Tuition fee for the full time education of any two children 0
j) Principal part of HBA Repayment Stamp duty paid or purchase of property 50000
k) Subscription to equity shares, debentures of an eligible issue 0
l) Subscription to eligible units of mutual fund, infra structure bonds of ICICI, IDBI etc 0
m) Any other deduction under Chapter VI-A / 80C
GPAIS 500
0
10-2 n) 80 CCC Payment for annuity plan of the LIC or any other issuer 0
10-3 o) 80 CCD Contribution of the employee to NPS (Max 10% of Basic + DA) 0
11 Deduction u/s 80C, 80CCC 80CCD is 0 (Max. Rs.1,50,000) ( Total-155824 ) 150000
12 Deduction u/s 80CCD(1) ( Addl Contribution to NPS, Max Rs.50,000) 0
13 Total Income (8-(9+10+11+12)) 469058
14 Tax on Total Income 10953
15 Add Surcharge @10%, if the Tot.Inc exceeds 50 Lac, @15% if Tot.Inc exceeds Crore 0
16 Income Tax and Surcharge Payable ( 14+15 ) 10953
17 Less Rebate for the Income upto Rs 5 Lakhs u/s 87 A (Max Rs.12,500) 10953
18 Tax Payable (16-17) 0
19 Health and Educational Cess [4% of (18)] 0
20 Total Tax Payable (18+19) 0
21 Less Relief for Arrears of Salary u/s 89(1) [Use Form 10E] 0
22 Anticipatory Tax Payable (20-21) 0
24 Tax already deducted for this year 0
25 Balance Tax Payable 0
26 No. of monthly installments by which tax to be paid 12
27 Amount of Income Tax to be deducted monthly ( Roundedup to 10) 0
Signature :
PUNNAPRA NORTH
RAJIMOL.V.R
12/26/2022
STAFF NURSE GRADE1
SALARY PARTICULARS
Month Basic DA HRA CCA Other Gross PF SLI GIS LIC NPS PLI Ded
Mar-22 55200 3864 2208 61272 5000 1000 800 1977 8777
Apr-22 55200 3864 2208 61272 5000 1000 800 1977 8777
May-22 55200 3864 2208 61272 5000 1000 800 1977 8777
Jun-22 55200 3864 2208 61272 5000 1000 800 1977 8777
Jul-22 56500 3955 2260 62715 5000 1000 800 1977 8777
Aug-22 56500 3955 2260 62715 5000 1000 800 1977 8777
Sep-22 56500 3955 2260 62715 5000 1000 800 1977 8777
Oct-22 56500 3955 2260 62715 5000 1000 800 1977 8777
Nov-22 56500 3955 2260 62715 5000 1000 800 1977 8777
Dec-22 56500 3955 2260 62715 5000 1000 800 1977 8777
Jan-23 56500 3955 2260 62715 5000 1000 800 1977 8777
Feb-23 56500 3955 2260 62715 5000 1000 800 1977 8777
Sal.Arr 0 0
DA Arr 0 0 0
Total 672800 47096 26912 0 0 746808 60000 12000 9600 23724 0 0 105324

www.alrahiman.com Printed on 12/26/2022 at 8:15:54 PM

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