Please tell me how to deduct the tds on salary. There is a payment to employees of Rs. 25000/- pm currenty. How to start deducting TDS from the next month including on previous payments. what is the slab or rate to deduct on monthly salary?
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TDS
Replies (4)
tds on salary is deducted on the basis of average tax rate. you have to calculate annual income of the employee, calculate total tax (as per slab rate applicable to individual) and then deduct 1/12 portion of tax monthly from salary.
deepak is right but take into consideration his investment declarations viz 80c,sec24 deductions etc and then deduct tax accordingly each month after computing it on an annual basis
yes,mr.deepak was correct by conidering with mr.sivaram
i mean the annual income after providing for deduction under chapter vi
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