Dear sir/Madam,
I want to know that how to calculate tds on salary. if my salary is 42000 p.m. then how much tds will be payble.kindly tell me with tds chart on salary.for this i will be very thankful to you.
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Tds on salary
Replies (2)
TDS on salary is calculated by considering normal Slab rates.
Provide your Breakup of salary i.e; Basic, TA etc.
| Income Tax Slab | Tax Rate | |
|---|---|---|
| Income up to Rs 2,50,000* | No tax | |
| Income from Rs 2,50,000 – Rs 5,00,000 | 5% | |
| Income from Rs 5,00,000 – 10,00,000 | 20% | |
| Income more than Rs 10,00,000 | 30% |
If you income exceeds the basic exemption limit then tds is to be deducted. TDS will be calculated as follows-
Consider your total income from salary and reduce it by all the deduction like LIC, mediclaim, etc ie all deductions under chp VI A,the amount there after is your net taxable income. Calculate tax payable as per slab rates on your net taxable income and the tax payable arrived is to deducted as tds on per month basis.
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