Need help in tds exemptions

210 views 2 replies

Ram

Director

42 Points Posted on 27 June 2018

I am deducting following 4 things from Taxable Amount (TDS) Annexure II (Salary Details) - column no 8

• HRA • Transport Allowance • LTA [ Leave Travel Allowance] • Fixed Medical Allowance

Please let me know if these calculations are right? I am confused because I am using NSDL Java Utility (TDS_RPU) for TDS Return and there is no option for HRA, Transport allowance, LTA, fixed medical allowance deductions. So I am deducing these 4 options from my total salary.

Looking forward to your reply,

Thank you kindly in advance.

Ram Mane

Replies (2)

A B Kundu

Professional

1427 Points Posted on 27 June 2018

You don't need to mention all these deduction in the TDS Return.

First calculate your taxable salary portion for 12 months after deducting all these exempted allowances and Sec.80 deductions.

If you want to include any other income (Interest etc.) and house property income, then include the same with the Salary figure.

Then, calculate tax on the total taxable income considering the basic exemption limit.

Then, divide the total tax amount into 12 months.

While you will be filling up the TDS Return for each month, divide the total taxable income into 12 months and in each month's TDS Return you should report the monthly Salary along with respective tax amount U/s 192A.

Hope it is clear to you now.

Akash Somani

66 Points Posted on 27 June 2018

the salary figure required in the cloumn is not gross but the net figure
deduct all the allowances and describe the net figure
moreover, use 26-AS for cross checking of TDS amount