Tds on salary

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manjeeta modi

Student CA Final

234 Points Joined October 2012

how much tax i deduct from my employee's salary

Replies (9)

sivaram

Asst Mgr-Taxation

6918 Points Joined April 2009

you have to compute the taxable income of employees taking into account their earnings projected for 12 months and allow deductions after getting declaration and apply the slab rates to find tax payable and divide the tax by 12 to deduct the same from employees each month

manjeeta modi

Student CA Final

234 Points Joined October 2012

thanx for ur reply

if salary of the employee is 30000 par month than what is monthly TDS amount

please calculate

PRABIR PAUL

*****Accountant***** Never insult to a

1448 Points Joined January 2017

Financial Year:- 2017-18
Calculation from 01.04.2017
PAN
Particulars	No. of Months	Total amount received	Amount Exempted	Amount Taxable
Basic Compensation	12	180,000.00		180,000.00
House Rent Allowance	12	72,000.00		72,000.00
Conveyance Allowance	12	54,000.00	19,200.00	34,800.00
Medical Allowance	12	36,000.00		21,000.00
Special Allowance	12	18,000.00		18,000.00
Total		360,000.00	34,200.00	325,800.00
Incentive	12			325,800.00
Total Taxable Salary as above				325,800.00
Less:- Professional Tax				2,400.00
Income Chargeable Under The Head Salary				323,400.00
Add:- Further income declared by the applicant
(a) Income from House Property
(b)Income from Other Sources
(c) Capital Gains
				0.00
Gross Total Income				323,400.00
Less:- Deduction Under Chapter VI A
U/S 80 - C
U/S 80 - D
Total Deduction				-
Total Income				323,400.00
Tax Payable On The Above			Tax Rate
On Rs. 2,50,000/- *		250,000.00	0	-
On next Rs. 2,50,000/- @ 10%		73,400.00	5%	3,670.00
On next Rs. 5,00,000/- @ 20%		-	20%	-
On the remaining amount @ 30%		-	30%	-
Tax on total income				3,670.00
Less:- Rebate U/S 87A				2,500.00
				1,170.00
Add:- Education Cess @ 3%				35.10
Total Tax Payable for the FY 2016-2017				1,205.10
TDS Already Deducted In Current FY
TDS To Be Deducted Per Month				100.43
Rounding Off U/S 288B

Calculation of exemption of HRA (Allowance exemption whichever is lower):-
HRA received from employer				72,000.00
Actual rent paid(8000*12)=		96,000.00
Less:- 10% of Basic		18,000.00		78,000.00
50% of Basic salary				90,000.00

sivaram

Asst Mgr-Taxation

6918 Points Joined April 2009

30000*12=360000 assume no exemptions and deductions no tds upto 250000/= on the balance 110000 @ 5%=5500 minus 87a rebate 2500=3000 +3% cess=90 rs total 3090 divide equally by no of months left over