How to deduct tds
This query is : Resolved
Anuj Verma
(Querist)
05 June 2012
we are a pvt. ltd. concern and we are paying salary to our employee as per break-ups given below-
Basic HRA T.A Other
15000 5000 2500 2500
20000 5000 2500 2500
how tds we are suppose to deduct from salary per month in case
1- if employee do not have any savings
2- if employee have savings up to Rs-50000 in LIC, Tution fees Etc.
3- if employee have housing loan interest Rs. 45000 per annaum
kindly suggst.
with regards
Anuj Verma
Basic HRA T.A Other
15000 5000 2500 2500
20000 5000 2500 2500
how tds we are suppose to deduct from salary per month in case
1- if employee do not have any savings
2- if employee have savings up to Rs-50000 in LIC, Tution fees Etc.
3- if employee have housing loan interest Rs. 45000 per annaum
kindly suggst.
with regards
Anuj Verma
Soumitra Basu
(Expert)
06 June 2012
Let me take only the first case.
1. Assuming the employee does not pay house rent:
Total Salary 3,00,000 less Travelling allowance 9,600 less Profession Tax 0. The balance is 2,90,400. For the assessment year 2012-2013 you have to deduct 11040 as tax and 331 as Cess. The Total Tax should be divided in 12 instalment and deduction should be made at the time of payment of salary.
2. In addition to above you have to allow deduction for 50,000. Therefore the tax should be reduced by 5,000 and consequential reduction of cess should be made.
3. From the first answer the tax should be reduced by 4500 and consequential cess should also be reduced.
1. Assuming the employee does not pay house rent:
Total Salary 3,00,000 less Travelling allowance 9,600 less Profession Tax 0. The balance is 2,90,400. For the assessment year 2012-2013 you have to deduct 11040 as tax and 331 as Cess. The Total Tax should be divided in 12 instalment and deduction should be made at the time of payment of salary.
2. In addition to above you have to allow deduction for 50,000. Therefore the tax should be reduced by 5,000 and consequential reduction of cess should be made.
3. From the first answer the tax should be reduced by 4500 and consequential cess should also be reduced.
Soumitra Basu
(Expert)
06 June 2012
Let me take only the first case.
1. Assuming the employee does not pay house rent:
Total Salary 3,00,000 less Travelling allowance 9,600 less Profession Tax 0. The balance is 2,90,400. For the assessment year 2012-2013 you have to deduct 11040 as tax and 331 as Cess. The Total Tax should be divided in 12 instalment and deduction should be made at the time of payment of salary.
2. In addition to above you have to allow deduction for 50,000. Therefore the tax should be reduced by 5,000 and consequential reduction of cess should be made.
3. From the first answer the tax should be reduced by 4500 and consequential cess should also be reduced.
1. Assuming the employee does not pay house rent:
Total Salary 3,00,000 less Travelling allowance 9,600 less Profession Tax 0. The balance is 2,90,400. For the assessment year 2012-2013 you have to deduct 11040 as tax and 331 as Cess. The Total Tax should be divided in 12 instalment and deduction should be made at the time of payment of salary.
2. In addition to above you have to allow deduction for 50,000. Therefore the tax should be reduced by 5,000 and consequential reduction of cess should be made.
3. From the first answer the tax should be reduced by 4500 and consequential cess should also be reduced.
VIKAS KUNDU
(Expert)
06 June 2012
Anuj, what is it:
(i) a practical problem or
(ii) a question form examination
(i) a practical problem or
(ii) a question form examination
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