Please mention the procedure of Deducted TDS on Salary?
If My Salary is Rs.250000/- PA. than how to deduct TDS on it?
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Answer / deepak chikane
The TDS Slab is,
Upto Rs.150000 - No TDS (Nil)
From 150000 to 300000 - 10%(TDS rate)
Education cess - 3%
From 300001 to 500000 - 20% (")
Education cess - 3%
Above 500000 - 30 (")
Education cess - 3%
For Ex: Mr.X Earning Rs.250000 per year. TDS sholud be
deduct from his salary.
TDS Calculation:
RS.250000/12=20833.3
Upto Rs.150000 no TDS will be deducted.
Taxable amount up to 150000
so its come to First slab
100000*10=10000
Add Edu.Cess3%= 300
Total = 10300
TDS deduction per Month is, 10300/12 = Rs.858.33
The Net Salary of Mr.X is,
20833.3-858.33= Rs.19974.96
| Is This Answer Correct ? | 65 Yes | 10 No |
Answer / prasad
above which you have calculated i.e. income tax that is not
tds calculation
tds on salary slab is given by income tax dept depending on
their salary level
| Is This Answer Correct ? | 24 Yes | 8 No |
First of all we have to see the question once again before
answering. The question is not clear.Mr Lokesh did nt
mention his salary as gross or nett.If Lokesh think carry
home salary as nett salary or Nett salary after allowing
all the permissible deductions, treatment will differ.Nett
salary is the salary after all permissible deductions
allowed by the Income Tax Department. Profession tax
deducted by the employer, Transport allowances,Exempted
part of HRA,and allowability in the shape of
savings,childrens school tution fee,Medical insurance,and
reliefs if any will be deducted from Gross salary.After all
these things the tax will be levied as per calculations. If
planned correctly A Person need not pay a single paisa tax
even though his income crossed 4,25,000/. If any body
interested I will give a correct explanation on salries. As
an Auditor I can educate you. Pl ask me thru your e-mail id
today
| Is This Answer Correct ? | 15 Yes | 4 No |
Answer / revathy
Hi,
Mr. Deepak Chikane replied correct but he calculated on the
taxable income that is:
Total Income: xxx
Less:
(Some of general deduction)
a. 1. Conveyance (800 * 12)
2. Rent (full HRA or Actual rent - 10% on Basic)
3. Medical reimbursement
b. 1. Insurance, PF, Deposits etc upto 1 lak
so after deducting the above with total income we get the
taxable income. On that you go as per the calculation as
Deepak Chikane mentioned already.
| Is This Answer Correct ? | 6 Yes | 2 No |
Answer / deepa
To Mr. Satyanarayana Raju,
Kindly provide me your email id as i m Female having salary
of 300000 and having issues with employer for TDS deductions.
| Is This Answer Correct ? | 3 Yes | 1 No |
Answer / shine
TDS is deducted at 10% if salary is less than 3 lac/ am
If more than 3 lacs 20% tds
| Is This Answer Correct ? | 9 Yes | 8 No |
Answer / kumar de
TDS is a tax deducted at source,so salary TDS is nothing
but tax payable to Govt on specified slabs fixed by Govt on
individual salary. If a persons salary exceeds more than
150000 Rs per annum(for Men) then he is liable to pay
salary TDS & if salary exceeds more than 180000 Rs per annum
(for Women)then she is liable to pay tax.
The Salary TDS Slabs are:
For Men
Upto 150000-Nil
150001 to 300000-10%
300001 to 500000-20%
Above 500000-30%
For Women
Upto 180000-Nil
150001 to 300000-10%
300001 to 500000-20%
Avove 500000-30%
| Is This Answer Correct ? | 8 Yes | 9 No |
Answer / jyothi
I have few queries related to tax and investment with Mr.Satyanarayana. If provided his mail id to interact it would be great.
| Is This Answer Correct ? | 0 Yes | 1 No |
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