I AM AN ACCOUNTANT IN INFINITY STATIONERIES PVT. LTD.I HAVE SOME CONFUSION ABOUT THE CASE DISCUSSED BELOW. PLEASE HELP ME. THE MALE DIRECTOR OF THE COMPANY IS GETTING REMUNERATION 6 LAC PER ANNUM. DEDUCTION U/S 80C IS 1 LAC. WHAT WILL BE THE AMOUNT OF TDS. IS THIS TDS AMOUNT ALSO WILL BE CHANGE ACCORDINGLY IN CHANGES OF THE INCOME SLABE RATES.
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TDS on Salaries
Firstly Cal the Tax of F Y - 2010-11
160000= NIL
340000*10%= 34000
10000*20% =20000
Total Tax = 54000
Per Month = 54000/12= 4500
TDS Amount of Per Month= 4500
It is not compulsory to give the form 16 to the employees if there is no TDS deducted.
As Form 16 is a TDS certificate and not a salary certificate,
Agree with Ankit Bansal.
TDS Amount will be change accordingly as change in his income only.
Regards,
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