tds on salary
This query is : Resolved
02 January 2010
how can i deduct monthly tds on salary?
pls reply at earliast
thanks
pls reply at earliast
thanks
03 January 2010
*First you ask the saving detail from your employees.
* after considering the amount of deductions
*count taxable income and apply the applicable tds slab rates.
*Finally deduct the tds amount from employees salary.
* after considering the amount of deductions
*count taxable income and apply the applicable tds slab rates.
*Finally deduct the tds amount from employees salary.
03 January 2010
and also exepenses details like rent pmt, medical exp, lta etc then deduct eligible ded for the same as well
03 January 2010
find out the salary and other benefits payable by your concern to your employee.
Add: other incomes reported by the employee
Consider the payments made by your employee against which deductions can be claimed eg. section 80C.
Now considering the above compute tax payable by him. Divide the same by 12 and the resultant figure is the monthly TDS.
Add: other incomes reported by the employee
Consider the payments made by your employee against which deductions can be claimed eg. section 80C.
Now considering the above compute tax payable by him. Divide the same by 12 and the resultant figure is the monthly TDS.
03 January 2010
Gross Salary
Less :- Sec 10
Less :- Deduction (P.T & En.Allowance)
Add :- any other income reported by emplyee
Less :- Deduction u/s VI-A
Less :- Deduction otherthan u/s VI-A
___________________________________
Net Taxable
on net taxable income you have to calculate tax + edu.cess and then divided by 12 and that amount you have to deduct monthly.
and whenever your employee invest any sec. to get relief then that month you have to calculate their tax onceagain and divided by pending month... thats how you stick to the system of tds.
Less :- Sec 10
Less :- Deduction (P.T & En.Allowance)
Add :- any other income reported by emplyee
Less :- Deduction u/s VI-A
Less :- Deduction otherthan u/s VI-A
___________________________________
Net Taxable
on net taxable income you have to calculate tax + edu.cess and then divided by 12 and that amount you have to deduct monthly.
and whenever your employee invest any sec. to get relief then that month you have to calculate their tax onceagain and divided by pending month... thats how you stick to the system of tds.
03 January 2010
perfect sir murtaza. may i have your email id please. my email id is krngr@ymail.com
03 January 2010
Calculte the total tax for the respective employees for the full year and deduct monthly
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