Tds on salary

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For example my income from salary is 600000 p.a(50000 p.m), other income is 200000 on which tds is already deducted @ 10%(i.e 20000) and i avail deduction u/s 80C amounting to 150000.What will be my TDS on salaries every month?
Replies (1)

Section 192(2B) of Income Tax Act States as under-

"Where an assessee who receives any income chargeable under the head "Salaries" has, in addition, any income chargeable under any other head of income (not being a loss under any such head other than the loss under the head "Income from house property" ) for the same financial year, he may send to the person responsible for making the payment referred to in sub-section (1) the particulars of—

(a) such other income and of any tax deducted thereon under any other provision of this Chapter;

(b) the loss, if any, under the head "Income from house property",

in such form and verified in such manner as may be prescribed, and thereupon the person responsible as aforesaid shall take—

(i) such other income and tax, if any, deducted thereon; and

(ii) the loss, if any, under the head "Income from house property",

also into account for the purposes of making the deduction under sub-section (1) :

Provided that this sub-section shall not in any case have the effect of reducing the tax deductible except where the loss under the head "Income from house property"  has been taken into account, from income under the head "Salaries" below the amount that would be so deductible if the other income and the tax deducted thereon had not been taken into account.]"

In your case-

Gross Total Income 800000
Less : Chapter VI-A Deductions (150000)
Taxable Income 650000
Tax 55000
Add: Cess @ 3% 1650
Total Tax 56650
Less : TDS deducted on Other Income (20000)
Total TDS to be deducted on salary 36650
TDS p m 3054

 

 


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