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Hi I am new to this site..... please any one help on how to caluculate TDS on salaries..... Sridevi
From India , Hyderabad
From India , Hyderabad
Dear Madam,
TDS on salary is calculated after calculation total salary for the entire year. For eg. if ur monthly pay is Rs. 25000/ ( basic=15000 + medical=2000+comveyance = 3000+hra 5000) , total salary income for the year will be Rs.300000/. The current I.T limit is for women = 190000/, for senior citizens rs.240000/ & for others it is Rs.160000/.
You may get deductions from your gross salary like 1250/p.m ag. medical, Rs.800/ p.m ag. conveyance etc & your savings which are eligible for rebate U/s 80C ( max. Rs.1lac + 20000extra for invt in infrastructure bond ), mediclaim u/s 80d, donations u/s 80g etc will be deducted . If after effecting these deduction your net income exceeds the I.T limit, tds is applicable on the difference amount.
From India , Mumbai
TDS on salary is calculated after calculation total salary for the entire year. For eg. if ur monthly pay is Rs. 25000/ ( basic=15000 + medical=2000+comveyance = 3000+hra 5000) , total salary income for the year will be Rs.300000/. The current I.T limit is for women = 190000/, for senior citizens rs.240000/ & for others it is Rs.160000/.
You may get deductions from your gross salary like 1250/p.m ag. medical, Rs.800/ p.m ag. conveyance etc & your savings which are eligible for rebate U/s 80C ( max. Rs.1lac + 20000extra for invt in infrastructure bond ), mediclaim u/s 80d, donations u/s 80g etc will be deducted . If after effecting these deduction your net income exceeds the I.T limit, tds is applicable on the difference amount.
From India , Mumbai
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#Listed In: medical allowance labour law hr policy payroll process job placement tax calculator City-India-Hyderabad Country-India
TDS Chart-1.xls
