How to do TDS?

Hi,

I'm working as a HR in an IT company. I havent worked on taxation and payroll.. but now am tasked to do those things and I would like to know how to deduct TDS(percentage) in an employee's salary and what are the proceedures for filling TDS(Form number, date of filling,etc..)

It will be very helpful if u can guide me with this.

Thanks,

Sowmya

Replies (8)

TDS ON SALARY U/S 192

 

1)Amount of Ded.

It has to be calculated in such a way that all tax liability knowan to employer are being covared in full by deduction during the year ( No Rate Specified)

2) e-TDS Return Form No 24Q to be filed whith in 15 days from the end of relevent Quater.

3)Filling: you need to file return in e-form (FVU File)

Originally posted by : Rajesh P. Ahir

TDS ON SALARY U/S 192

 

1)Amount of Ded.

It has to be calculated in such a way that all tax liability knowan to employer are being covared in full by deduction during the year ( No Rate Specified)

2) e-TDS Return Form No 24Q to be filed whith in 15 days from the end of relevent Quater.

3)Filling: you need to file return in e-form (FVU File)

AGREED.

agreed with above expert                           

AGREE WITH MR RAJESH

https://law.incometaxindia.gov.in/DITTaxmann/IncomeTaxRules/pdf/itr62Form12B.pdf

 

furnish the above form to all employees, and ask them to submit the same duly filled and signed, on the strength of above forms you have to compute their annual income and allow deductions, , then divide the tax element by 12, deduct and pay 

use form 24Q to submit returns

Agree with Mr. Rajesh

HI Sowmya,

If you are not sure how to do TDS decution, I suggest that you may run your payroll using Tally ERP 9.  It has all the features like IT computation, automatic tds deduction, Qtly e return filing, generation of Form 16 and ITR.  In addition to this you can also do PF, ESI, Prof tax deduction etc.  You can save lot of time as the channce of mistakes are Nil and you can avoide lot of reworks.


Lots of  other softwares are also there with these featues,but I think tally is more userfriendly.

Thanks

Sreejith

Hi Sreejith sir,

 

We can run payroll using  Tally ERP 9 can you please tell me how can we do payroll in Tally ERP 9 package


Thanks in Advance.

Jhansi

 

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