Tds on salary
This query is : Resolved
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.
I want to know the rate of tds deduct on salary. i want to know salary limit on which tds is applicable.
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%
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%
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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.
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.
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.
For. eg. if the total tax liability comes to Rs. 1,20,000 then every month Rs. 10,000 shall be deducted.
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.
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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