Tds on salary of employees
This query is : Resolved
03 September 2013
Sir/madam,
What is the Basis for Deduction of TDS on Salary of Employees? and Rate Applied for Them
What is the Basis for Deduction of TDS on Salary of Employees? and Rate Applied for Them
Dintakurthi Tirumala
(Expert)
03 September 2013
For TDS deduction on salary there is no specific rate of TDS. The normal slab rates applicable for tax deduction on Salary.
So first you have to compute taxable salary income after deductions of all exemptions and deductions(savings etc...) based on the data(information) available at the employer and compute tax liability on that income and deduct TDS equally for each month if any excess or short amount of deduction required then such amount you shall adjust at the last month of year.
For full details please refer section 192 of the income tax act,1961.
OM SAI SRI SAI JAI JAI SAI
So first you have to compute taxable salary income after deductions of all exemptions and deductions(savings etc...) based on the data(information) available at the employer and compute tax liability on that income and deduct TDS equally for each month if any excess or short amount of deduction required then such amount you shall adjust at the last month of year.
For full details please refer section 192 of the income tax act,1961.
OM SAI SRI SAI JAI JAI SAI
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