Salary tds

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

28 November 2011 Suppose we empoloyer xyz company
if our company paid to one empolyee Salary per annum Rs.20 lacs the empolyee invest under sectiion 88c Rs.1,lac than what is the tax libilities if pan no.is available or not available what is tax libilities to deduct tds

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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28 November 2011 For the TDS on salary there is no condition of PAN no i.e. both the cases the tds is same. TDS on salary would be deduct at avarage rate through out the year every month. The tax liability on Salary would be calculated as per the tax rates applicable for the year.
so for your case assume the employee is men the tax liability is on Rs.19 lacks is Rs.4,36,720 (including 2% education and 1% SHE cess). It would be deduct equally for each month through out the year. I.e Rs.36,393 per month.
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