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Question
if salary paid per month rs. 28000/- i will deduct tds from 
his salary please what i will do explain
 Question Submitted By :: Accounting-General
I also faced this Question!!     Answer Posted By  
 
Answer
# 1
the following steps are followed by employer

1. Monthly salary converted to yearly.

ie.28000x12 = 336000/=

then, yearly total PF contribution by employees should
deducted from gross salary u/s 80ccc

and any savings LIC, 5 years postal saving, etc taken to
consideration. The saving limit upto 100000/- should taken
u/s 80

and the employee getting any HRA exemption that also
deducted.

after that we can see the net salary is taxbale salary as
per the income tax slab rules.

ie, upto 160000 - nil
160000- 300000 -10%

 
Is This Answer Correct ?    14 Yes 1 No
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