Dear can some body help me for this what all are the statutory deductions from salary?
From India, Delhi
From India, Delhi
Hi Deepa,
deductions are form salary as follows :
1) Professional Tax - It is a tax on employement the slab rates will be change where we are working.
2) Provident Fund -It's duduct from basic @ 12% and employer will contibute the same
3) ESI - whoes salary is below Rs. 10,000/- then its apllicable it will deduct from Gross salary @ 1.75@ and employer will contribute @ 4.75%
4) Income Tax ( TDS ) - It's deduct from total Income before deduct TDS we have to compute total income of the year. If Income exceed more than basic exemption ( Man : 1,60,000/- & Woman : 1,90,000/-) then TDS will be ducted as per Income Tax Slab Rates.
Regards,
Sravan
From India, Hyderabad
85deductions are form salary as follows :
1) Professional Tax - It is a tax on employement the slab rates will be change where we are working.
2) Provident Fund -It's duduct from basic @ 12% and employer will contibute the same
3) ESI - whoes salary is below Rs. 10,000/- then its apllicable it will deduct from Gross salary @ 1.75@ and employer will contribute @ 4.75%
4) Income Tax ( TDS ) - It's deduct from total Income before deduct TDS we have to compute total income of the year. If Income exceed more than basic exemption ( Man : 1,60,000/- & Woman : 1,90,000/-) then TDS will be ducted as per Income Tax Slab Rates.
Regards,
Sravan
From India, Hyderabad
Hi Deepa,
Agreed with Sarvan....... few amendment
PF & ESI celling limit differs time to time. Pls refer the attached document for more clarification.
Hope will this information help you.................
Regards.
Karthick.E.M.
From India, Dindigul
Agreed with Sarvan....... few amendment
PF & ESI celling limit differs time to time. Pls refer the attached document for more clarification.
Hope will this information help you.................
Regards.
Karthick.E.M.
From India, Dindigul
Dear Member,
If the employed person is covered under The Payment of Wages Act, 1936 then plz go through section 7 of this Act for having knowledge on statutory deductions from wages.
With Regards,
R.N.Khola
From India, Delhi
If the employed person is covered under The Payment of Wages Act, 1936 then plz go through section 7 of this Act for having knowledge on statutory deductions from wages.
With Regards,
R.N.Khola
From India, Delhi
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Deductions From Salary-sec.80 Items-checklist .docx
SALARY SHEET CALCULATION.xls