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If my Basic Salary is Rs.23000/- than what is the tax impact on it ie PF,ESIC,PT & TDS with calculation.
and also if i had received only 9mth salary.
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Answer Posted / jaya sankar kumar
23000*12=276000 is ur basic salary
1. PF = 15000 or ur salary which ever is lower
i.e., 15000*12% = 1800 p.m. or 21600 p.a.
2. ESI = 0 for u bcoz ur salary is more than 15000 so ESI will not applicable to u. It is assumed that ur salary was increased to 23000 before 6 months means within last 6 months ur salary was not </= 15000
3. PT = 200 p.m. or 200*12 = 2400 p.a.
4. Gross Income = Annual Salary 276000 less deductions U/S 80C - upto 150000 (for u it is 21600 PF) + U?S 16(iii) 2400 total = 24000
5. Net Income = 276000-24000 = 252000
6. TDS = 252000 - Basic Exemption Limit (250000) = 2000 p.a.
7. TDS to be deducted per month = 2000/12 = 166.67
Even if u received 9 mnths salary u should pay the same amount.
But in case if u worked in that year 9 months it will vary.
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