Pls. guide me how to get refund of my TDS?

Total salary paid by employer in FY 2007-2008 is 2,50,000
TDS deduction is 8,000

I have following document for 80C rebate
i) LIC(Annual)——————– Rs. 11,000
ii) PPF—————————— Rs. 9,000
iii) Tuition fee for my daughter study in KG is around Rs. 4,000
iv) Donation ————————- Rs. 3,000
Pls. give me in detail how much house rent I can show to get refund of TDS.

Pls. give me detail analysise to get it return back.

3 Replies to “Pls. guide me how to get refund of my TDS?”

  1. Your total income is Rs. 2,50,000/- and according to the Income Tax rules, Rs. 1,10,000/- is exempted income in F.Y. 2007-2008. Your income exceeds by Rs. 1,40,000/- however Rs. 1,00,000/- deduction are allowed u/s 80C. The salaried persons are not allowed to take benefit of expenses like tuition fee for your daughter amounting to Rs. 4000 and house rent,etc.

    You have invested Rs. 20000/- u/s 80c i.e. LIC and PPF and Rs. 3000/- u/s __ chapter VIA.

    Thus in this way your taxable income is :

    Rs. 250000 – 110000 (Exemption Limit) = Rs. 140000 (Taxable Income)

    Rs. 140000 – (11000+9000+3000) {Deductions} = 117000 (Net Taxable Income)

    Rs. 117000 X 10% = Rs. 11700 (Amount of Tax)

    Rs. 11700-8000 (TDS) = Rs. 3700 (Tax to be paid)

    You need to pay Rs. 3700 more because you have not take benefit of 80C in appropriate manner.

    If you invest more in LIC, PPF, NSC, Tax Saver to Rs. 77000/- (in order to complete the limit of Rs. 100000/- as explained above) than your tax liability is as below

    Rs. 250000-110000= Rs. 140000 (Taxable Amount)

    Rs. 140000-100000 (deductions u/s 80C)= Rs. 40000/- (Net Taxable Amount)

    Rs. 40000 X 10% = Rs. 4000/- (Tax to be paid)

    Rs. 4000 – 8000 (TDS) = Rs. 4000 (Refund)

    Thus in this way you will get the refund upto Rs. 4000/-

    Hope you will be satisfied and select me as the best anser

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