Hi, Kindly suggest and help me solve my query about TAX (TDS). I want to know about the TDS slab and answers to the following questions:
1. If an employee earns 3 Lakh per annum, how much TDS will be deducted from their salary?
2. If an employee pays 20% tax, what is the CTC and take-home salary?
3. If you have any tax slab or tax calculation sheet, please send it to my email ID.
4. What is the process for tax claim and withdrawing the TDS amount?
Please send me a calculation sheet after preparation and share the criteria for tax and TDS savings as well. Thank you :)
Best Regards,
Varrun Kumar
From India, Delhi
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1. If an employee earns 3 Lakh per annum, how much TDS will be deducted from their salary?
2. If an employee pays 20% tax, what is the CTC and take-home salary?
3. If you have any tax slab or tax calculation sheet, please send it to my email ID.
4. What is the process for tax claim and withdrawing the TDS amount?
Please send me a calculation sheet after preparation and share the criteria for tax and TDS savings as well. Thank you :)
Best Regards,
Varrun Kumar
From India, Delhi
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Hi Varun Kumar,
The tax slab is as follows:
- Up to 250,000/- exempt
- 250,000 to 500,000: 10% tax
- 500,000 to 1,000,000: 20%
- More than 1,000,000: 30% plus 3% education cess
- 2% education plus 1% SHEC
However, for senior citizens, the exemption is up to 300,000, and for super senior citizens, the exemption is up to 500,000. Tax calculation depends on earnings and investments. There are many deduction sections like 80C, 80G, 80D, 80DD, 80E, 24B, 80GG, rebate under section 87A, etc.
Feel free to get in touch with me for tax implication matters.
Warm Regards,
Devesh Chauhan
Practicing in Accounts, Finance, Taxation, Labour Laws
From India, Basti
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18The tax slab is as follows:
- Up to 250,000/- exempt
- 250,000 to 500,000: 10% tax
- 500,000 to 1,000,000: 20%
- More than 1,000,000: 30% plus 3% education cess
- 2% education plus 1% SHEC
However, for senior citizens, the exemption is up to 300,000, and for super senior citizens, the exemption is up to 500,000. Tax calculation depends on earnings and investments. There are many deduction sections like 80C, 80G, 80D, 80DD, 80E, 24B, 80GG, rebate under section 87A, etc.
Feel free to get in touch with me for tax implication matters.
Warm Regards,
Devesh Chauhan
Practicing in Accounts, Finance, Taxation, Labour Laws
From India, Basti
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Mr. Chauhan,
Thank you for this valuable answer and support; I am really thankful to you.
Please let me give you another clarification about sections such as 80C, 80G, 80D, 80DD, 80E, 24B, 80GG, rebate u/s 87A. Also, could you please provide some clarification on the following questions:
1. What is the SHEC, and could you give me the meaning of this word?
2. What is the age of senior citizen exemption?
3. What is the age of super senior citizen exemption?
Could you also provide me with an Excel sheet containing calculation formulas for this TAX SLAB?
Thanks and Regards,
Varun Kumar
From India, Delhi
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Thank you for this valuable answer and support; I am really thankful to you.
Please let me give you another clarification about sections such as 80C, 80G, 80D, 80DD, 80E, 24B, 80GG, rebate u/s 87A. Also, could you please provide some clarification on the following questions:
1. What is the SHEC, and could you give me the meaning of this word?
2. What is the age of senior citizen exemption?
3. What is the age of super senior citizen exemption?
Could you also provide me with an Excel sheet containing calculation formulas for this TAX SLAB?
Thanks and Regards,
Varun Kumar
From India, Delhi
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Dear Varun,
SHEC means Secondary Higher Education Cess. For senior citizen exemption, the age limit is 60 years. For super senior citizens, it is 80 years. However, understanding the deductions under various sections like 80C, 80D, 80GG, 24B, etc., is a complex concept because each section has its purpose, criteria, and ceiling limit.
Can you please let me know if you are a student or working in the accounts department? Kindly confirm, and then I will guide you accordingly with practical calculations.
Warm Regards,
Devesh Chauhan Practicing in Accounts, Finance, Taxation, Labour Laws
From India, Basti
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SHEC means Secondary Higher Education Cess. For senior citizen exemption, the age limit is 60 years. For super senior citizens, it is 80 years. However, understanding the deductions under various sections like 80C, 80D, 80GG, 24B, etc., is a complex concept because each section has its purpose, criteria, and ceiling limit.
Can you please let me know if you are a student or working in the accounts department? Kindly confirm, and then I will guide you accordingly with practical calculations.
Warm Regards,
Devesh Chauhan Practicing in Accounts, Finance, Taxation, Labour Laws
From India, Basti
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Mr. Chauhan,
Thanks for the info.
Yes, I am working in the HR payroll department where I have to solve different types of queries from employees. That's why I need to gain more knowledge about TAX, PF, and ESIC. Would you please guide me and provide me with the necessary information as per my requirements? Thanks, Boss.
Regards,
Varun Kumar
From India, Delhi
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Thanks for the info.
Yes, I am working in the HR payroll department where I have to solve different types of queries from employees. That's why I need to gain more knowledge about TAX, PF, and ESIC. Would you please guide me and provide me with the necessary information as per my requirements? Thanks, Boss.
Regards,
Varun Kumar
From India, Delhi
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Mr. Chauhan,
Would you please give me the minimum wages list or provide me with information about the minimum wages?
According to my knowledge, ESIC and EPF are both mandatory deductions if the salary is below 15K. If the salary is above 15K, then EPF is optional for an employee, and there is no deduction of ESIC.
I request you to please inform me about this information and guide me. Thank you.
Best Regards,
Santosh Kumar
From India, Delhi
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Would you please give me the minimum wages list or provide me with information about the minimum wages?
According to my knowledge, ESIC and EPF are both mandatory deductions if the salary is below 15K. If the salary is above 15K, then EPF is optional for an employee, and there is no deduction of ESIC.
I request you to please inform me about this information and guide me. Thank you.
Best Regards,
Santosh Kumar
From India, Delhi
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Dear Varun,
Minimum wages differ from state to state. You can refer to the circular issued by your state government regarding minimum wages.
ESIC contribution shall be made on the gross salary. If the gross salary is below 15K, ESI contribution is subjected to a six-month-wise slab: April to September and October to March. If during any six-month period the employee's gross salary exceeds 15K, you still have to make ESI contributions until the end of that period.
PF is to be calculated on basic plus DA. If the basic plus DA is below 15K, however, if the employee is already a contributor in PF with a previous employer, then you must deduct his/her PF even if the basic plus DA exceeds 15K.
As you are working in the HR payroll department, always strive to enhance your knowledge because knowledge is crucial for future growth and promotion, so keep learning continuously.
For any queries or doubts, feel free to get in touch.
Warm Regards,
Devesh Chauhan Practicing in Accounts, Finance, Taxation, Labour Laws
From India, Basti
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Minimum wages differ from state to state. You can refer to the circular issued by your state government regarding minimum wages.
ESIC contribution shall be made on the gross salary. If the gross salary is below 15K, ESI contribution is subjected to a six-month-wise slab: April to September and October to March. If during any six-month period the employee's gross salary exceeds 15K, you still have to make ESI contributions until the end of that period.
PF is to be calculated on basic plus DA. If the basic plus DA is below 15K, however, if the employee is already a contributor in PF with a previous employer, then you must deduct his/her PF even if the basic plus DA exceeds 15K.
As you are working in the HR payroll department, always strive to enhance your knowledge because knowledge is crucial for future growth and promotion, so keep learning continuously.
For any queries or doubts, feel free to get in touch.
Warm Regards,
Devesh Chauhan Practicing in Accounts, Finance, Taxation, Labour Laws
From India, Basti
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Dear Devesh,
Thanks for wishing me and helping me to gain knowledge. My circle is primarily Haryana, but I also need to know the minimum wages of three circles as listed below:
1. Haryana
2. Delhi (NCR)
3. Uttar Pradesh
Please let me know about this as I am quite confused.
Your faithful learner ;)
Best Regards,
Varun Kumar
From India, Delhi
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Thanks for wishing me and helping me to gain knowledge. My circle is primarily Haryana, but I also need to know the minimum wages of three circles as listed below:
1. Haryana
2. Delhi (NCR)
3. Uttar Pradesh
Please let me know about this as I am quite confused.
Your faithful learner ;)
Best Regards,
Varun Kumar
From India, Delhi
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Dear Varun,
It seems you are not experienced in the HR field. Can you please let me know about your existing experience, qualifications, job location, and CTC?
In any case, under the minimum wages aspect, what has led you to be confused? Is it the existing minimum wages rate or something else? Kindly do let me know.
Warm Regards,
Devesh Chauhan
Practicing in Accounts, Finance, Taxation, Labour Laws
From India, Basti
Acknowledge(0)Amend(0)
It seems you are not experienced in the HR field. Can you please let me know about your existing experience, qualifications, job location, and CTC?
In any case, under the minimum wages aspect, what has led you to be confused? Is it the existing minimum wages rate or something else? Kindly do let me know.
Warm Regards,
Devesh Chauhan
Practicing in Accounts, Finance, Taxation, Labour Laws
From India, Basti
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