tax deduction
TRANSCRIPT
NAME OF THE COMPANY:
SALARY SLIP FOR THE MONTH :
DAYS PRESENT:
LEAVE BALANCE:
Employee A Employee B Employee C Employee D
Rs. 53,000 Rs. 260,000 Rs. 420,000 Rs. 590,000
Rs. 26,500 Rs. 130,000 Rs. 210,000 Rs. 295,000
Rs. 10,600 Rs. 52,000 Rs. 84,000 Rs. 118,000
Rs. 2,650 Rs. 13,000 Rs. 21,000 Rs. 29,500
Medical Reimbursement Rs. 3,975 Rs. 19,500 Rs. 31,500 Rs. 44,250
Rs. 3,180 Rs. 15,600 Rs. 25,200 Rs. 35,400
Rs. 2,650 Rs. 13,000 Rs. 21,000 Rs. 29,500
Rs. 3,445 Rs. 16,900 Rs. 27,300 Rs. 38,350
24 12 4 -2
1 2 4 0
April May June Jan
25 14 6 18
24+2=26 12+2+2=16 4+2+2+2=10 20-2=18
26-1=25 16-2=14 10-4=6 18-0=18
Total leave balance
Basic salary
HRA
Conveyance
PF allowance@6%
LTA@5%
Previous year pending leaves
Leaves taken in current year
Month
Employee E
Rs. 640,000
Rs. 320,000
Rs. 128,000
Rs. 32,000
Rs. 48,000
Rs. 38,400
Rs. 32,000
Rs. 41,600
-3 2
10
Feb apr 2
9 may 4
22-3=19 jun 6
19-10=9 jul 8
aug 10
sep 12
oct 14
nov 16
dec 18
jan 20
feb 22
No of leaves/month
Monthly Gross salary 4,417
Annual Gross salary 53,000
Basic 26,500
HRA 10,600
Particulars Rs Rs
1.Salary less HRA
Actual HRA paid 60,000
Less Exemption u/s 10(13A)
a)Actual HRA received for 12 months 10,600
b)Excess of 12 months expenditure over 1/10 of 12 months salary 57,350
c)2/5 of salary 12 months 10,600
Least of the above is exempt
Less Allowance exempt u/s 10
Conveyance 9,600
Medical Bills 15,000
LTA 0
Deductions
Tax on employment
2.Income from house property
Interest
GROSS TOTAL INCOME
Deduction under chapter via
Life Insurance premium
Educational exp(2 children)
Public provident fund
NSC
ELSS/Mutual Funds/Housing Loan
Fixed Deposits
Infra Bonds
Deduction u/s 80C
less Medical Insuarance u/s 80D
TOTAL INCOME
Tax Payable
Gross Tax@10%
Tax Rebate
Tax Payable
Education Cess@3%
Net Tax payable
TDS
IT Refunds
Rs Rs Rs
42,400
10,600
57,350 -46,750
24,600
2,500
150,000 150,000
-181,450
0
0
0
0
0
0
0
0
15,000
-181,450
0
0
0
0
0
0
0
0
Monthly Gross salary 21,667
Annual Gross salary Rs. 260,000
Basic 130,000
HRA 52,000
Particulars Rs Rs
1.Salary less HRA
Actual HRA paid 52,000
Less Exemption u/s 10(13A)
a)Actual HRA received for 12 months 52,000
b)Excess of 12 months expenditure over 1/10 of 12 months salary 39,000
c)2/5 of salary 12 months 52,000
Least of the above is exempt
Less Allowance exempt u/s 10
Conveyance 9,600
Medical Bills 15,000
LTA 0
Deductions
Tax on employment
2.Income from house property
Interest
GROSS TOTAL INCOME
Deduction under chapter via
Life Insurance premium
Educational exp(2 children)
Public provident fund
NSC
ELSS/Mutual Funds/Housing Loan
Fixed Deposits
Infra Bonds
Deduction u/s 80C
less Medical Insuarance u/s 80D
TOTAL INCOME
Tax Payable
Gross Tax@10%
Tax Rebate
Tax Payable
Education Cess@3%
Net Tax payable
TDS
IT Refunds
Rs Rs Rs
208,000
52,000
39,000 13,000
24,600
2,500
0 0
193,900
5000
0
0
0
0
80000
20000
0
0
193,900
-6,100
-610
2,000
-2,610
-78
-2,688
-224
Monthly Gross salary 35,000
Annual Gross salary 420,000
Basic 210,000
HRA 84,000
Particulars Rs Rs
1.Salary less HRA
Actual HRA paid 84,000
Less Exemption u/s 10(13A)
a)Actual HRA received for 12 months 84,000
b)Excess of 12 months expenditure over 1/10 of 12 months salary 63,000
c)2/5 of salary 12 months 84,000
Least of the above is exempt
Less Allowance exempt u/s 10
Conveyance 9,600
Medical Bills 15,000
LTA
Deductions
Tax on employment
2.Income from house property
Interest
GROSS TOTAL INCOME
Deduction under chapter via
Life Insurance premium
Educational exp(2 children)
Public provident fund
NSC
ELSS/Mutual Funds/Housing Loan
Fixed Deposits
Infra Bonds
Deduction u/s 80C
less Medical Insuarance u/s 80D
TOTAL INCOME
Tax Payable
Gross Tax@10%
Tax Rebate
Tax Payable
Education Cess@3%
Net Tax payable
TDS
IT Refunds
Rs Rs Rs
336,000
84,000
63,000 21,000
24,600
2,500
0 0
329,900
51,000
30,000
100,000
0
0
0
0
181,000
20,000
329,900
129,900
12,990
2,000
10,990
330
11,320
943
Monthly Gross salary 49,167
Annual Gross salary 590,000
Basic 295,000
HRA 118,000
Particulars Rs Rs
1.Salary less HRA
Actual HRA paid 118,000
Less Exemption u/s 10(13A)
a)Actual HRA received for 12 months 118,000
b)Excess of 12 months expenditure over 1/10 of 12 months salary 88,500
c)2/5 of salary 12 months 118,000
Least of the above is exempt
Less Allowance exempt u/s 10
Conveyance 9,600
Medical Bills 15,000
LTA 0
Deductions
Tax on employment
2.Income from house property
Interest
GROSS TOTAL INCOME
Deduction under chapter via
Life Insurance premium
Educational exp(2 children)
Public provident fund
NSC
ELSS/Mutual Funds/Housing Loan
Fixed Deposits
Infra Bonds
Deduction u/s 80C
less Medical Insuarance u/s 80D
TOTAL INCOME
Tax Payable
Gross Tax@10%
Tax Rebate
Tax Payable
Education Cess@3%
Net Tax payable
TDS
IT Refunds
Rs Rs Rs
472,000
118,000
88,500 29,500
24,600
2,500
0 0
474,400
34561
0
65439
0
0
0
0
0
15500
474,400
274,400
27,440
2,000
25,440
763
26,203
2,184
Monthly Gross salary 53,333
Annual Gross salary 640,000
Basic 320,000
HRA 128,000
Particulars Rs Rs
1.Salary less HRA
Actual HRA paid 128,000
Less Exemption u/s 10(13A)
a)Actual HRA received for 12 months 128,000
b)Excess of 12 months expenditure over 1/10 of 12 months salary 96,000
c)2/5 of salary 12 months 128,000
Least of the above is exempt
Less Allowance exempt u/s 10
Conveyance 9,600
Medical Bills 15,000
LTA 0
Deductions
Tax on employment
2.Income from house property
Interest
GROSS TOTAL INCOME
Deduction under chapter via
Life Insurance premium
Educational exp(2 children)
Public provident fund
NSC
ELSS/Mutual Funds/Housing Loan
Fixed Deposits
Infra Bonds
Deduction u/s 80C
less Medical Insuarance u/s 80D
TOTAL INCOME
Tax Payable
Gross Tax@10%
Tax Rebate
Tax Payable
Education Cess@3%
Net Tax payable
TDS
IT Refunds
Rs Rs Rs
512,000
128,000
96,000 32,000
24,600
2,500
0 0
516,900
100000
0
0
0
0
0
0
100000
15000 85000
516,900
316,900
31,690
2,000
29,690
891
30,581
2,548