Dear Members, Please tell me on which amount TDS has to be deducted in Employee's salary. Whether it is on gross amount i.e., after deducting PF, ESI and adding TA, Rent and other allowance or on Basic Salary.
13th September 2010 From India , Coimbatore
The following steps may be fallowed -
Gross Salary --
Add: Perquisites
Total
Less Allowences u/s 10 such as HRA, Conveyance,education,LTA,Prof Tax
Gross Income- Income chargable under Salary
Deduction under chapter V1 A - all PF LIC etc
Total Income
Tax as per slab
3rd November 2010 From India , Mumbai
TDs is applicable if the amount is more then 10000/-. In any case if the same has been deducted once, would be compulsary even if the salary is below 10K. Rajesh J Manager HR & Admin H O R I Z O N
11th November 2010 From India , Gurgaon
Dear Seniors,
Im the HR -Executive of leading engineering consulting company in chennai.. Im a fresher.. but i have managed everything here.. but the TDS is the oly process which im not able to learn properly.. bec here the accounts ppl not giving proper details and they are not ready to teach me the proper details to learn the process of TDS.. So kindly help me and solve my problem.. i just want to know the entire process of TDS deduction...
12th November 2010 From India , Madras
Hi,
I am looking at the structuring of the Salary package in India. Many places i heard from only tend to confuse me with Taxes and Allowances. i want to know what is the really structured way in India, since I shall be heading the company's entry into India as a HR Head and it is mandatory to know the basics even before I structure out the requirement of personnel.
thanks and regards,
Parikshit
8th December 2010 From United Arab Emirates , Dubai
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3rd March 2014 From India, Delhi
TDS is a medium of collecting Income Tax in India under the Indian Income Tax Act of 1961. TDS is applicable on salary, commission, royalty payments, brokerage, contract payments, interest earned on several financial investments, earnings from lotteries, rent income, professional fees, etc. TDS is managed by the Central Board for Direct Taxes (CBDT) and is a part of the Department of Revenue, which is managed by Indian Revenue Service (IRS). This amount is collected so as to keep the revenue source for the Government stable round the year. This prevents people from evading taxes.
How to calculate TDS on Salary?
Below mentioned is the given format for calculation of TDS on Salary:
Gross annual salary ₹ ₹ ₹
Less: Exemption under Section 10 (₹ ₹ ₹)
(i.e. HRA, Conveyance Allowance, Medical Allowance, etc.)
Income chargeable under Salary head ₹ ₹ ₹
Add: Income from House Property
Rental Income ₹ ₹ ₹
Less: deduction under Sec. 24(b)
– 30% of rental Income (₹ ₹ ₹)
– Interest paid on housing loan (₹ ₹ ₹) ₹ ₹ ₹
Add: Income from any Other Sources ₹ ₹ ₹
Gross Total Income ₹ ₹ ₹
Less: Chapter VI-A deduction (₹ ₹ ₹)
Taxable Income ₹ ₹ ₹
11th July 2019 From India,
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