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Dear all, I want to know about that how to calculate TDS on monthly salary? is any slab for TDS calculation? Please guide me Vrushali 9769577879 vrucha2810patil@rediffmail.com
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T.D.S. is also used as an instrument in enlarging the tax base. Some of such income subjected to T.D.S. are salary, interest, dividend, interest on securities, winnings from lottery, horse races, commission and brokerage, rent, fees for professional and technical services, payments to non-residents etc.The % w'll be differ from the services
And the slabs are
For resident women it is upto 190000 nil & beyond tht Ex A person whose salary is above 190001per month to 300000/month 10% of TDS to b deducted. 300001 to 5lac 20%, 5lac & above 30&.
For HUF.BOI(body of individual),AOP it is upto 160000 nil then 160001 to 300000 10% 300001to 5lac 20% & 500001 & above 30&
Senoir citizen 240000 nil above tht 300000 10% 300001 to 500000 20% 500001 & above 30% of the salary amount to b deducted
For the F/Y 2011-2012, there is an exemption for filing IT Returns.
Exemption is available for employees having income from Salaries
Interest from Saving Bank Account upto Rs. 10,000
Exemption is available if Total Income does not exceed Rs. 5 Lacs ( Total Income means Gross
Total Income Less Deductions under Chapter VI A)
V.Ramachandran
Mobile : 09020709977
Hi All,
Here i am presenting the TDS slab for the financial year 2011-12.
Income tax slabs 2011-2012 for General tax payers
0 to 1,80,000 No tax
1,80,001 to 5,00,000 10%
5,00,001 to 8,00,000 20%
Above 8,00,000 30%
Income tax slabs 2011-2012 for Women
0 to 1,90,000 No tax
1,90,001 to 5,00,000 10%
5,00,001 to 8,00,000 20%
Above 8,00,000 30%
Income tax slabs 2011-2012 for Senior citizen (Aged 60 years but less than 80 years)
0 to 2,50,000 No tax
2,50,001 to 5,00,000 10%
5,00,001 to 8,00,000 20%
Above 8,00,000 30%
Income tax slabs 2011-2012 for Very Senior citizen (Above 80 years)
0 to 5,00,000 No tax
5,00,001 to 8,00,000 20%
Above 8,00,000 30%
In addition to that, 2% of Education Cess & 1% of Secondary & Higher Education Cess will levied on the tax payable amount.
Thanks,
Sarita
let us employee join in mid of the year let in the month of jan 2012 & he declares that he does not have any previous income then how can i calculate his tds.
Hi Rajesh,
If an employee join in jan 2012 having no previous income, then you need to consider only 3 months income of his/her total income.
For more convenient presenting here one example.
Suppose Mr X jointed on 01/01/2012 and his package is Rs.3 Lakhs p.a. So he is going to get Rs.25,000/- p.m (Rs.3,00,000/12).
For the financial year 2011-12 end, his total income is Rs.75,000/- i.e (Rs.25,000/-*3). Hence he is not coming under the tax slab for this financial year end.
It may help you to solve out your query.
Regards,
Sarita
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