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TDS ON SALARY
What are the procedures of calculating TDS on salary?
Replies (2)
YOU HAVE TO MAKE AN ESTIMATION OF EMPLOYEE INCOME (IT WILL INCLUDE ALL HEADS OF INCOME), IF IT EXCEEDS RS. 2,50,000 THEN YOU HAVE TO DEDUCT TDS AT THE TIME OF PAYMENT SALARY. SLAB RATE WILL BE USED FOR DEDUCTION OF TDS.
FOR FY 2017-18 & 2018-19
| Annual Income | Tax Rates | ||
|---|---|---|---|
| Up to Rs.2,50,000 | Nil | ||
| Rs.2,50,001-Rs.5,00,000 | 5% | ||
| Rs.5,00,001-Rs.10,00,000 | Rs.12,500 + 20% | ||
| Above Rs.10,00,000 | Rs.1,12,500 + 30% |
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