Tds computation on salaries head
This query is : Resolved
30 January 2013
Hi,
Pls tell me in details the complete process of tds computation on salaries head with an example.
Regds,
Pls tell me in details the complete process of tds computation on salaries head with an example.
Regds,
CA ABHAY GUPTA
(Expert)
31 January 2013
For eg Mr. A have monthly income of Rs. 30000/- that means 3.6 lacs pa. Now if we talk about fy 2012 - 13 means upto Rs. 2 lacs nil suppose Mr. A have 80C worth Rs. 1 lac then its taxable income will be Rs. 60000 (3.6-2-1) thus tax @ 10.3% will be Rs. 6158. Now this amount will be deducted from Mr.A salaries in 12 equally monthly amount I.e. Rs. 515/- or can be deducted at one time..
CA Garav Gulati
(Expert)
31 January 2013
TDS on salary will be deducted as per the slab applicable in the assessment year to which income pertains.
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