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If salary paid per month Rs 40000/ I will deduct TDS from
his salary, please what I do explain.(send Urgently)
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Answer Posted / vishal paul
Upto Rs.180000 - No TDS (Nil)
From 180001 to 500000 - 10%(TDS rate)
From 500001 to 800000 - 20% (TDS rate)
Above 800001 - 30% (TDS rate)
TDS Calculation:
RS.40000*12 = 4,80,000
Tax on Income Upto Rs.1,80,000 no TDS will be deducted.
So,Tax on the next 4,80,000-180000 = 300000
its comes under 2nd slab. [1,80,001 to 5,00000 = 10%]
so, 3,00000*10% = 30000/-
Income Tax Due 30000/-
Education Cess @3% 900/- (on income tax due)
So Total Tax payable 30000+900=30900
TDS deduction per Month is, 30900/12 = Rs2575/-
The Net Salary Decuted ,
40000-2575 = Rs.37425
| Is This Answer Correct ? | 3 Yes | 1 No |
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