T.D.S. On Salary

TDS 9961 views 47 replies

Sanjivkumar Shah

Account Manager

286 Points Joined October 2007

Hi friends,

1. If a person receives Rs. 10000/- per month, then @ what rate / amount Monthly T.D.S. should be deducted as he is having no investment, no P.F. deducted, no P.T. deducted & can anyone provide me T.D.S. on Salary deduction structure for above case in excel format?.

2. Can anyone provide me salary certificate + T.D.S. Certificate for T.D.S. On Salary in excel format please its urgent?

3. If a person receives Rs. 6500/- per month including conveyance allowance of Rs. 300/- per month then @ what rate / amount Monthly P.F. should be deducted & can anyone provide me P.F. deduction structure for above case in excel format?.

4. At what rate P.F. is deducted or is there any slab just like Income Tax Slab?

5. Is P.F. deducted by Ltd. Co. only or anyone can deducte P.F. ?

6. As it has to be registered with P.F. Departement but is there any basic exemption limit for registration?

7. Presently at what rate interest is received on P.F. deducted. Is interest received on Employee's Share only or both i.e Employee's Share + Employer's Share.

Regards

Sanjiv Shah

Replies (47)

Vijay

254 Points Joined February 2008

TDS is deducted after considring estimated salary for full financila year as well as investment deductions available. If total net salary exceeds Rs 1.10 lacs (male assesse) and 1.45 (female assesee).

Guest

440780 Points Joined August 2012

Hi Vijay, Can you explain me in detail please & other about other query.

CA. Kirti S. Ganatra

Service

1461 Points Joined October 2007

Calculate Gross salary less : exemption of allowances and perks than you can claim loss of house property (only) less deduction u/chapter VI-A. calculate tax and deduct by dividing with 12

CA. GOPAL SONIKA

CHARTERED ACCOUNTANT

1426 Points Joined November 2007

Answer to Q3. The salary is Rs.6500 p.m. The PF would be deducted @ 12% on basic salary.

CA. GOPAL SONIKA

CHARTERED ACCOUNTANT

1426 Points Joined November 2007

Answer to Q4. PF can be deducted by Pvt and Public Ltd Co.

Saroj Rana

MBA Finance

417 Points Joined December 2007

Hi Sanjiv,
So many Question.

Ok
Ans 1) If there is no deduction or exemption on the amount u have mentioned then the TDS will be Deducted as follows

Salary 10,000*12 =1,20,000
That means the tax liability is only 10,000 annualy
Now, Calculate the tax amount for the whole year
10,000*10%=1,000, thendevide the amount with 12(months)
and resulting amount will be the TDS amount for a month( i.e 1,000/12=83)

RICKY

ACA AICWA CS (Executive Program)

123 Points Joined January 2008

Hi saroj rana, See that 10,000 is the taxable income after basic limit. So tax liability is 10000*10%(Upto 150000 only 10%)=1000. Now you divide 1000/12=83.33/-

Saroj Rana

MBA Finance

417 Points Joined December 2007

Hi Ricky, Thanks for reminding, I forget to calculate the tax % I have corrected the data Once again thanks

CA. Gurdeep Singh Chawla

C A

7080 Points Joined June 2007

Answer of point No. 7 - Interest @ 8.5% on both contribution.

Guest

440780 Points Joined August 2012

hy, can anyone tell me about the tds deduction.i recently joined the company and now it is almost 3 months.is posible to deduct tds this time from my salary

O.D.SHARMA

DGM-F & A

1734 Points Joined November 2007

dear Ricky.take care of Education cess.

sagar

CA Final

379 Points Joined February 2008

first thing are you coming under PF act? if yes deduct P.F Statutorily. 2. If employee has not furnished any details regarding about his investments etc. You should not worry about it. 3. if salary per month is exceeding Rs.10000/- do deduct TDS on rs.120000/- which is coming around rs86 per month

Guest

440780 Points Joined August 2012

Hi,

Want help on PF calculation. My company is paying me PF as a cash money and I have some confusion in calculation. How to calculate interest on the PF money.

Suppose PF (Employee) = Rs.1000

PF (Employer) = Rs.1000

so how much company have to pay me for 9 months with interest of 10%.

Please let me know calculation steps for 9 months.

Thanks

Kirti

Guest

440780 Points Joined August 2012

COMPANY WILL DEDUCT IT FROM YOUR SALARY @ 12% OF BASIC SALARY AND EQUAL AMOUNT FROM HIS POCKET IS DEPSOITED IN CENTRAL GOVT. PF A/C. AND THE INTT. @ 8.5% P.A. ON BOTH CONTRIBUTION 9 ANUALLY) IS CREDITED TO YOUR PF ACCOUNT ( PROVIDE TO YOU BY. PF DEPARTT.) BY GOVT., NOT BY THE COMPANY. REMEMEBR, WHEN YOU CHANGE YOUR EMPLOYER YOUR PF A/C. NOT DOESmN'T CHANGE.