Tally Solutions Pvt Ltd

Salary Income for Financial Year 2012-13

Particulars Basic Salary Special Allowance Fixed Salary Variable Salary Gross Salary Other Details Rent Paid (per month)

Basis 40 60 100 20 120

per month 14,000 21,000 35,000 7,000 42,000

No of Months 12 12 12 12 12

Full year 168,000 252,000 420,000 84,000 504,000

(20% of Fixed Salary)

Interest paid on Housing loan Interest paid on Education loan

6,500 -

Pay Slip Basic Salary Special Allowance HRA Monthly Salary -- "A" Less: Deductions Provident Fund Professional Tax Income tax Total Deduction-- "B" Take Home (A-B) 1,680 200 926 2,806 32,194 14,000 14,500 6,500 35,000

(12% of Basic Salary) (Rs.200 per month)

ixed Salary)

Tally Solutions Pvt Ltd Computation of Income Tax for the Financial Year 2012-13
Computation of Income Tax Income from Salary Gross Salary - Monthly Salary (Fixed) - Variable Less : HRA Exemption :Professional Tax Medical in excess of Rs.15,000/(22500- 15000) Income from House Property Interest paid on housing loan Gross Total Income Less : Deduction Under Chapter VI-A Sec 80C --- PF,LIC,Tution fees etc Sec 80D --- Preventive Medical Check-up Sec 80E - Interest on Education Loan Any other Deductions Taxable Income Rounded off U/S 288A Income Tax Add : Edu Cess @ 3% Total Tax Deducted at Source (TDS) Average Rate of Tax (as a % of Taxable Income) Salary excluding Variable Pay Per month TDS 342,900 258,900 100,000 5,000 105,000 342,900 342,900 14,290 429 14,719 4.29% 11,113 926 420,000 84,000 504,000 (61,200) (2,400) 7,500 Amount (Rs.)

447,900

1 2 3

HRA Exemption P.M HRA / Rent paid Least of following HRA received 40% of Basic Salary Rent paid Less : 10% of Basic salary HRA Exemption Taxable HRA Full year 6,500 78,000

78,000 67,200 40% of 168000 78,000 16,800 61,200 61,200 16,800

0-200000 2L-500000 (157,100)

0% 10% 20%

30000 -31420 -1420

Financial Year 2012-13 Taxable Income (Rs.) after deductions 0 to 2,00,000 2,00,000 to 5,00,000 5,00,000 to 10,00,000 More Than 10,00,000 Male Nil 10% 20% 30%

Female Nil 10% 20% 30%