Tds on salary & freight
This query is : Resolved
08 November 2011
HELLO SIR,
MY RELATIVE WORKING WITH BPO (MULTINATIONAL) EARNS SALARY ABOUT RS.15000-16000 OR SOMETIMES EVEN ABOVE DUE TO INCENTIVES DEPENDING ON PERFORMANCE I JUST WANT TO KNOW WHATS THE RATE OF TDS THAT IS DEDUCTED FROM HIS SALARY AND IS IT POSSIBLE TO SAVE THIS TAX IF HE IS PAYING LIC OF ABOUT 1000 P.M
AND I ALSO WANT TO KNOW ABOUT TDS RATES ON FREIGHT CHARGES FOR F.Y2011-12
MY RELATIVE WORKING WITH BPO (MULTINATIONAL) EARNS SALARY ABOUT RS.15000-16000 OR SOMETIMES EVEN ABOVE DUE TO INCENTIVES DEPENDING ON PERFORMANCE I JUST WANT TO KNOW WHATS THE RATE OF TDS THAT IS DEDUCTED FROM HIS SALARY AND IS IT POSSIBLE TO SAVE THIS TAX IF HE IS PAYING LIC OF ABOUT 1000 P.M
AND I ALSO WANT TO KNOW ABOUT TDS RATES ON FREIGHT CHARGES FOR F.Y2011-12
10 November 2011
TDS on Salary in ur case will be 10%. investment in LIC is deductable U/s 80C Apart from that, exemption for conveyance allowance (Upto Rs.9600/- p.a.), Medical Reimbursement (Upto Rs. 15000/- p.a.) & PF contribution of employee (U/s 80C) applicable while computing of taxable income
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