Tds on salary
This query is : Resolved
PRIYANKA MODI
(Querist)
04 December 2013
what is the limit for
deducting TDS on salary?
and what is the rate?
Manish Bhandari
(Expert)
04 December 2013
1) If employee is earning tax income above the prescribed limit of tax free income by the act but also taking into consideration his declaration if any for sec 80C, 80D housing interest or any other chapter VI deductions applicable to him.Then TDS has to be deducted
2) There is no rate as such first find out the annual tax as if he is filing his return divide that tax in 12 instalments and deposit TDS.
2) There is no rate as such first find out the annual tax as if he is filing his return divide that tax in 12 instalments and deposit TDS.
CA.Krupa Mochi
(Expert)
04 December 2013
TDS is required to be calculated at the average rate of income tax as computed on the basis of the rates in force.
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