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If you fall in category (i) then read up section 192. So if your annual salary is not more than 5 lakhs AND you don't have any other sources of income then your income-tax liability should ideally be 0 and hence ideally no TDS should be deducted from your monthly salary. But you would need to discuss and confirm this with your company's HR/payroll department by filling forms and submitting proofs that your total annual income is indeed not more than 5 lakhs because otherwise, since it is the employer's responsibility to deduct TDS and since they wouldn't want to risk incurring any non-compliance with this obligation, they will end up deducting TDS.
If you fall in category (ii) then read up section 194J. As per this section, if your monthly pay exceeds INR 30,000 then 10% of your monthly pay will be deducted as TDS. So in your case, every month INR 4166.67 (i.e., 10% of 41666.67) will be deducted as TDS.
However, regardless of whichever category you fall into, if your annual total income is not more than 5 lakhs then ideally your income-tax liability should be 0 and hence any TDS deducted can be claimed back as a refund when you file your tax-return.
Kian is kidding, he is on high 🍻
ENJOY
Jokes aside, you'll get 81k and can claim rebate in july next year.
I will get exactly the same salary every month in hand as i am supposed to? Which is 41k approx.
Could you suggest anywhere i can read about it in detail?
Also, if you could also explain the process of calculation, it would be helpful for my learning. Thanks.