Taxable amount on which tax deducted

surekha sawant (Accountant) (55 Points)

12 May 2012  

Dear All,

I have on query regarding column No.318 in Form No.24Q , Annexure I (Taxable amount on which tax deducted). In this column which amount to be entered.

Whether it is monthly gross salay or Taxable salay ?

( Taxable salary means Gross Salay minus Standard deductions, HRA & Other Investment deductions)

Normally we worked out TDS of particular employee on his estimate income for the whole year e.g (Gross salary x 12 months less: standard deductions , other investment ded.)

Also we have to put the taxable salary for each month for monthly payment of TDS  challan

Please suggest how to go about it.