computation of TDS on salary
This query is : Resolved
Ram Asheshwar Pjiyar
(Querist)
28 June 2011
please advice,which amout of salary is taxabl,net salary or,salary including PE,and ESIC contribution (Employee's contribution,)
ABHISEK TOSNIWAL
(Expert)
29 June 2011
Gross salary is taxable after deduction of P.f. paid by employee and other deductions under chapter V1A.
Regards
Abhisek Tosniwal
Regards
Abhisek Tosniwal
CA Navin Jain
(Expert)
30 June 2011
Mr. Ram..
For calculating taxable salary you have to deduct some exempt salary component (such as HRA, Conveyance Allowance, Medical Reimbursement etc.) and deduction under chapter VIA (such as LIC, Housing Loan Repayment, Children's Tuition Fees, Investment in NSC, FD of 5 yrs or more, Medical Premium, Interest on Education Loan etc.)
So, wihtout detailed figure of your salary and above mentioned items, I cannot simply advise you about your taxable income...
For calculating taxable salary you have to deduct some exempt salary component (such as HRA, Conveyance Allowance, Medical Reimbursement etc.) and deduction under chapter VIA (such as LIC, Housing Loan Repayment, Children's Tuition Fees, Investment in NSC, FD of 5 yrs or more, Medical Premium, Interest on Education Loan etc.)
So, wihtout detailed figure of your salary and above mentioned items, I cannot simply advise you about your taxable income...
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