Tds on salary

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This query is : Resolved

rajeev (Querist)

26 May 2012 Hello sir,
I want to know the rate of tds deduct on salary. i want to know salary limit on which tds is applicable.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)

26 May 2012 First compute the estimated annual income.
On this income tax will be calculated as per the slab rates.

Slab rates for AY 13-14 are as under:

(A) For individuals below the age of 60 years

Upto 2,00,000 - NIL
2,00,000 to 5,00,000 - 10%
5,00,000 to 10,00,000 - 20%
Above 10,00,000 - 30%

(B) For individuals above the age of 60 years but less than 80

Upto 2,50,000 - NIL
2,50,000 to 5,00,000 - 10%
5,00,000 to 10,00,000 - 20%
Above 10,00,000 - 30%

(C) For individuals above the age of 80 years
Upto 5,00,000 - NIL
5,00,000 to 10,00,000 - 20%
Above 10,00,000 - 30%

Message likes : 1 times

Murtaza I Bhagat

Murtaza I Bhagat (Expert)

26 May 2012 The new and revised income tax slabs and rates applicable for the financial year (FY) 2012-13 and assessment year (AY) 2013-14 are mentioned below:

For Individual male,Age less than 60 Years

Up to 200000 : Nil

200001-500000 : 10%

500001-1000000 : 20%

1000001 & above : 30%

For Individual female,Age less 60 years

Up to 200000 : Nil

200001-500000 : 10%

500001-1000000 : 20%

1000001 & above : 30%

For Individual, Age more than 60 Years ( Senior Citizen)

Up to 250000 : Nil

250001-500000 : 10%

500001-1000000 : 20%

1000001 & above : 30%

For Individual ,Age more than 80 Years ( Super Citizen )

Up to 500000 : Nil

500001-1000000 : 20%

1000001 & above : 30%

Further there is no change in education and other cess.

rajeev

rajeev (Querist)

26 May 2012 i want to konw the percentage of deduction on salary

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)

26 May 2012 Once you compute the total tax liability for the year, the same is to be deducted on a monthly basis.

For. eg. if the total tax liability comes to Rs. 1,20,000 then every month Rs. 10,000 shall be deducted.

CA PRAVEEN SINGH

CA PRAVEEN SINGH (Expert)

26 May 2012 First compute net salary after deducting deduction of sec 80C of rs 100000(IT IS ASSUMED THAT DEDUCTEE WILL PROVIDE DETAIL OF INVESTMENT MADE DURING THE PREVIOUS YEAR)

THEN CALCULATE TAX LIABILITY AS PER ABOVE & THEN DIVIDE BY 12..
& DEDUCT TDS PER MONTH.

CORRECT BY OTHER EXPERT IF I AM WRONG.

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