Salary TDS
Querist : Anonymous
Pls help me, How to make TDS Calculation on Salary and prepare Form 16 to the employees
Thx & Rgs
Harsha
Querist : Anonymous
1.Calculate the estimated salary for the year, after allowing exemption in relation to HRA, Transport Allowance, Medical Reimb., etc, as may be applicable.
2.Add any other income reported by the Employee (from Salary, HP, Ineterst, Capital Gains, etc.) and TDS thereon.
3. Deduct only House property loss (interest in case of Self Occupied House Property).
4.Deduct the allowed deductions declared by employee under Section 80C, 80D,etc.
5.Calculate the Income Tax and cess on the net Income, as per the “Rates in Force”
6.Deduct if any Relief U/s 89.
7.Keeping it as total tax, now deduct the TDS made till last month from it.
8.Divide the net TDS by “Remaining number of months in the FY, including current month”.
9.Deduct this amount from employees Salary
FOrm 16 may be prepared based on deductions made during the year. Obtaining PAN from employee concerned and quoting in TDS REturns/Form 16 is very important.
Querist : Anonymous
Thx for your help
Thx & Rgs
Harsha
Click here to login now
Similar Resolved Queries
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Accounting treatment of AMC alongwith the purchase of Laptop
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- EPF ECR NEW RULES Sep 17th 2026
- Issuing of delivery challan by seller of goods
- Taxation of crypto futures in India Fy 2026- 2027
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
