Tds on salary

Chandra Shekhara .B (Finance Professional) (53 Points)

24 January 2013

HI Dear Freinds

Please suggest me how to calculate TDS on Salary, as my director is getting Rs,90000/- Remuneration Per month.. Please do the need full...

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VARCHASVA (Student CA Final ) (30 Points)
Replied 24 January 2013

Dear Chandra

Let us suppose that ur director will be getting rs. 90000 in all months,

So his total estimated remuneration will be 90000*12 = Rs 1080000.

According to tax slab of A.Y 2013-14

tax on income will be 174000.

% of tax on income will be (174000/1080000)*100 =16.11 %

Now whatever be the per month income of ur director, calculate the TDS of ur director by multiplying tds rate(i.e 16.11%) to per month income,

for ex.

Month income TDS rate TDS/month

Apr 90000 16.11% 14500

May 80500 16.11% 12969

June 100000 16.11% 16110

At the end of the year again calculate tax on actual income earned.

If, Tax on income Actual earned> Tax on Estimated income, pay remaining amount.

if, tax on income actual earned < tax on Estimated income, claim refund by filing return.

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