Tds calculation

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

18 May 2015 HI...
I AM LITTLE BIT CONFUSE ABOUT TDS CONCEPT.
CAN ANY ONE PLS EXPLAIN WITH DETAILS.
SUPPOSE I M WORKING AND MY SALARY IS 264000 P.A.
NO INVESTMENTS DONE BY ME.
HOW MUCH TDS WILL BE DEDUCT?
AM I ELIGIBLE FOR ANY DEDUCTION?

REGARDS,
NITIN NAGAR

CA-CWA RAVI

CA-CWA RAVI (Expert)
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18 May 2015 since you are salaried .. you are bound to be covered under the PF provisions. Hence the amount deducted by your employer which is normaly 12% of your basic+da shall be allowed as deduction under 80C.
Excluding the above sum the rest amount as exceed 2.50 Lacs shall be taxed @ 10.3%. and equally deducted from your salary over 12 months period.

Hope your query stands answered.

Regards

Message likes : 1 times

Querist : Anonymous

Querist : Anonymous (Querist)

18 May 2015 THANK YOU SIR BUT INSTEAD OF P.F MY EMPLOYER DEDUCT 10% OF TOTAL SALARY P.M.
AND RETURN AT THE END OF FINANCIAL YEAR WITH A INTEREST RATE OF 10% P.A.

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