TDS on Salary

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JAVED SHEIKH (Querist)
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23 September 2010 Mr A worked with X Ltd for first six month of FY 2010-11 having 300000 as taxable salary and resigned.

X Ltd has deducted tds upto date Rs. 11000 now upon finalising full & final settlement what amount of TDS should be deducted as balance over and above Rs. 11000. What will be total TDS of Mr A for X Ltd.

X Ltd is deducting Rs. 3000 as balance tds i.e. total TDS will be Rs. 14000. Is it correct or ANNUAL PROGRESSION or higher rate of 30% on taxable salary of Mr A is applicable.

Please give supporting provisions / circular under Income Tax Act

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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23 September 2010 please provide the salary details for calcualtion of correct TDS

JAVED SHEIKH

JAVED SHEIKH (Querist)
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23 September 2010 Service Period: 01/04/2010 to 21/09/2010
Basic Salary: 25000 pm
Sp Allowance: 13782 pm
Conveyance: 800 pm
HRA: 10000 pm
Rent paid: 8000 pm
Medical Reimb.: 1250 pm (bills received)
Leave Encashment: 35000 total
Bonus: 61497 total
LTA: 35400 total (bills received)
Prof Tax: 1200 total
80C Investment: (EPF 17100 total + LIC premium 25000)

Aditya Maheshwari

Aditya Maheshwari (Expert)
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23 September 2010 Deduct TDS on whatever amount is paid by you during the term of his employment with you and not on annual salary i. e. TDS be deducted on salary actually drawn by him less any exemptions and deductions.

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