Hi All,
I need an information urgently, please help!
In our Organisation, there are few employees, who are over the age of 60, have retired from their respective jobs and have been issued appointment letters in our organisation on contract basis, for a period of 2-3 years. They are drawing consolidated salaries and we deduct only P Tax from their salaries. My question is, whether to deduct IT from their salaries, as per the rule and keeping in view their investments or to deduct TDS @ 10% from their monthly salaries.
From India, Calcutta
I need an information urgently, please help!
In our Organisation, there are few employees, who are over the age of 60, have retired from their respective jobs and have been issued appointment letters in our organisation on contract basis, for a period of 2-3 years. They are drawing consolidated salaries and we deduct only P Tax from their salaries. My question is, whether to deduct IT from their salaries, as per the rule and keeping in view their investments or to deduct TDS @ 10% from their monthly salaries.
From India, Calcutta
Hi Whether they are contract employees or consultants? If consultants you should deduct TDS 10% as Professional Fee
From India, Bangalore
633From India, Bangalore
Hi Sharmila Are you looking the TDS calculations for salaried employees or for professionals?
From India, Bangalore
From India, Bangalore
Hi Sharmila
TDS calculation is considered on many criteria.
Gross Pay.
Gross Pay - Less Taxes paid (Taxes like PT or other taxes)
HRA has to be considered for Exemption
Deductions
1,00,000/- under 80C (Insurance, Tuition Fee, PF and other savings)
15,000/- Under 80D (Medical Insurance for self and family) 25000/- if Parents are Sr. Citizens
10,000/- under 80F (Infrastructure Bonds)
Balance is taxable Income.
Under that upto 1,80,000/- is exempted for remaining pay TDS has to be deducted
From India, Bangalore
TDS calculation is considered on many criteria.
Gross Pay.
Gross Pay - Less Taxes paid (Taxes like PT or other taxes)
HRA has to be considered for Exemption
Deductions
1,00,000/- under 80C (Insurance, Tuition Fee, PF and other savings)
15,000/- Under 80D (Medical Insurance for self and family) 25000/- if Parents are Sr. Citizens
10,000/- under 80F (Infrastructure Bonds)
Balance is taxable Income.
Under that upto 1,80,000/- is exempted for remaining pay TDS has to be deducted
From India, Bangalore
Community Support and Knowledge-base on business, career and organisational prospects and issues - Register and Log In to CiteHR and post your query, download formats and be part of a fostered community of professionals.
