27 August 2016
how tds will be deducted on salary given i.e. after deducting allowances given or Gross. nd the salary is paid on annual basis.... nd how the said income will be taxed in the hands of salaried person... i.e. gross or net
27 August 2016
Dear Sanket,
In case of salary ( for fist year) TDS gets deducted when salary crossed the slab limit.
in further years employer makes a pre income calculation for the year after deducting all your exemption and calculate tax on it.
further such tax bifurcated on monthly basis.
Hope your query is resolved
Kindly like if my response has helped you
27 August 2016
Dear Sanket,
Tax on Salary is calculated after deducting allowable deductions of the allowances and tax is paid on the said net amount. The said income will be tax in the hands of the salaried employee at gross less allowable allowances under the head income from salary.
CAclubindia
