TDS on Salary
This query is : Resolved
29 December 2009
Dear All,
If we pay Rs40,000=00 pm salary to a female staff. How much TDS is deducted from her salary
Please explain with calculation...
If we pay Rs40,000=00 pm salary to a female staff. How much TDS is deducted from her salary
Please explain with calculation...
29 December 2009
Take the bare act and ready reckoner and calculate it
30 December 2009
Hiii
Suppose Rs. 40,000 are all taxable amount then computation will be as follow:
40,000*12 = 4,80,000
Taxable Income = upto 1,90,000 = NIL
next 1,10,000 = 10% = 1,10,000*10%
Rest 1,90,000 = 20% = 1,80,000*20%
Therefore, Tax amount = 1,10,000*10%+1,90,000*20%
= 11,000+36,000
= 47,000
Avg. Tax Rate = 47,000/4,80,000
= 9.79167%
Therefore, Every Month TDS will be:
= 40,000 * 9.79167%
MONTHLY TDS = Rs. 3916.676
Please NOTE:
1) Take care of EC & SHEC
2) Please deduct if there is any Exemption and Deduction. Above computation is on assumption that She is not getting any exemption and Deduction under any section of Income Tax Rules, 1961.
Regards!!!
Dinesh S. Adhikari
Suppose Rs. 40,000 are all taxable amount then computation will be as follow:
40,000*12 = 4,80,000
Taxable Income = upto 1,90,000 = NIL
next 1,10,000 = 10% = 1,10,000*10%
Rest 1,90,000 = 20% = 1,80,000*20%
Therefore, Tax amount = 1,10,000*10%+1,90,000*20%
= 11,000+36,000
= 47,000
Avg. Tax Rate = 47,000/4,80,000
= 9.79167%
Therefore, Every Month TDS will be:
= 40,000 * 9.79167%
MONTHLY TDS = Rs. 3916.676
Please NOTE:
1) Take care of EC & SHEC
2) Please deduct if there is any Exemption and Deduction. Above computation is on assumption that She is not getting any exemption and Deduction under any section of Income Tax Rules, 1961.
Regards!!!
Dinesh S. Adhikari
30 December 2009
Thank You Dinesh Sir,
If her salary breakup as follow...
Basic 22500=00
HRA 11250=00
Conveyance 1250=00
Other 5000=00
Kindly brief if we give all possiable deducation as per Income Tax Act.
Then what is the TDS amount.
Regards
Rajeev
If her salary breakup as follow...
Basic 22500=00
HRA 11250=00
Conveyance 1250=00
Other 5000=00
Kindly brief if we give all possiable deducation as per Income Tax Act.
Then what is the TDS amount.
Regards
Rajeev
30 December 2009
Basic taxable= 22500x12
HRA as per exemption calculation
Conveyance = Rs.1250- 800 = 450 x12 Taxable
Other =5000x12 taxable
HRA as per exemption calculation
Conveyance = Rs.1250- 800 = 450 x12 Taxable
Other =5000x12 taxable
31 December 2009
Hiii... Mr. Ranjan...
IN that case it will be as follow:
1) Basic [Fully Taxable] = 22500*12
2) HRA [Taxable according u/s 10(13A)]= Taxable HRA*12
3) Conveyance[not taxable upto Official purpose, suppose all used for official purpose therefore not taxale] = 0*12
4) Others = 5000*12
Now, Add all above four points and compute taxable salary, as given earlier...
Dear Ramesh Deduction of Rs. 800 pm is available for Transport Allowance not for Conveyance Allowance.....Thanks
Regards!!!
Dinesh S. Adhikari
IN that case it will be as follow:
1) Basic [Fully Taxable] = 22500*12
2) HRA [Taxable according u/s 10(13A)]= Taxable HRA*12
3) Conveyance[not taxable upto Official purpose, suppose all used for official purpose therefore not taxale] = 0*12
4) Others = 5000*12
Now, Add all above four points and compute taxable salary, as given earlier...
Dear Ramesh Deduction of Rs. 800 pm is available for Transport Allowance not for Conveyance Allowance.....Thanks
Regards!!!
Dinesh S. Adhikari
31 December 2009
I do agree Mr.Dinesh Conveyance Allowance is used for the purpose of offical exempted and trasnportation ( which is covered the office to residence and residence to office only Rs.800 exempted)
31 December 2009
AGREE WITH EXPERTS
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