Dear Seniors, Greetings! Myself Amit Kumar Rajput, working in a IT company as an HR Executive. I am not well aware about TDS Deduction on salaries. Can anyone help me. regards, Amit
From India, Delhi
3From India, Delhi
Dear Seniors,
Greetings!
Myself Amit Kumar Rajput, working in a IT company as an HR Executive. I am not well aware about TDS Deduction on salaries.
Can anyone help me, what is the criteria for TDS deduction if employee is getting 3lacs per annum.
regards,
Amit
From India, Delhi
Greetings!
Myself Amit Kumar Rajput, working in a IT company as an HR Executive. I am not well aware about TDS Deduction on salaries.
Can anyone help me, what is the criteria for TDS deduction if employee is getting 3lacs per annum.
regards,
Amit
From India, Delhi
Sub: TDS
1. Rs 2 lac exempted
2. 2 to5 Lac Rate of I Tax= 10% + 3% Education cess on Tax Amt
3. 5 to 10 Lac 20% + 3% Education cess on Tax amt
4. Above 10 lac 30% +3% Education cess on Tax amt
Over & above 2 lac few deductions are permissible such as PF contribution,P Tax , LIC premium,Home loan interest, conveyance allowance,etc.
Regards
SD Patil
From India, Kolhapur
1. Rs 2 lac exempted
2. 2 to5 Lac Rate of I Tax= 10% + 3% Education cess on Tax Amt
3. 5 to 10 Lac 20% + 3% Education cess on Tax amt
4. Above 10 lac 30% +3% Education cess on Tax amt
Over & above 2 lac few deductions are permissible such as PF contribution,P Tax , LIC premium,Home loan interest, conveyance allowance,etc.
Regards
SD Patil
From India, Kolhapur
Hi Amit,
TDS on Salary is to be deducted by the employer, when he is having taxable income
1. when the salary exceeds Basic exemption limit(Rs. 2,00,000 for FY 2012-13) as per Income Tax act, the income becomes taxable
2. But While calculating the taxable income, necessary deductions(Maximum of 100,000) have to be taken into considerations from Total Income like
a. Insurance Premium
b. EPF contribution by Employee or PPF contribution
c. Interest on Education loan
d. 5 years Tax saving Fixed Deposits/ National Savings certificate.
e. Housing loan principal repaid, etc.
Employer has to obtain proofs for these savings/Investments.
Regards,
Karthik
From India, Bangalore
TDS on Salary is to be deducted by the employer, when he is having taxable income
1. when the salary exceeds Basic exemption limit(Rs. 2,00,000 for FY 2012-13) as per Income Tax act, the income becomes taxable
2. But While calculating the taxable income, necessary deductions(Maximum of 100,000) have to be taken into considerations from Total Income like
a. Insurance Premium
b. EPF contribution by Employee or PPF contribution
c. Interest on Education loan
d. 5 years Tax saving Fixed Deposits/ National Savings certificate.
e. Housing loan principal repaid, etc.
Employer has to obtain proofs for these savings/Investments.
Regards,
Karthik
From India, Bangalore
Hi, I also want to know what is the procedure for TDS return file. And when a employee can apply for it. Regards, Amit
From India, Delhi
From India, Delhi
Dear Seniors, I need a detail explanation about ITR-2 & ITR-4. Actually I am very confused in both. Please explain. Thanks in anticipation! Regards, Amit
From India, Delhi
From India, Delhi
If your income is from salary, pension, family pension and interest > ITR 1
Individuals and HUFs* with income from any source other than business or profession > ITR 2
Individuals and HUFs who are partners in a partnership firm and do not have any proprietary business or profession > ITR 3
Individuals and HUFs who have a proprietary business or profession > ITR 4
From India, Ahmadabad
Individuals and HUFs* with income from any source other than business or profession > ITR 2
Individuals and HUFs who are partners in a partnership firm and do not have any proprietary business or profession > ITR 3
Individuals and HUFs who have a proprietary business or profession > ITR 4
From India, Ahmadabad
Hi, below are the two links that can help you better for calculation TDS..
<link no longer exists - removed>
Indian Income Tax Calculator
Regards,
Couvery
From India, Lucknow
<link no longer exists - removed>
Indian Income Tax Calculator
Regards,
Couvery
From India, Lucknow
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Responsibilitie s of person who is responsible for deduction of TDS on salary.docx
Monthly Salary Statement - CTC and TDS Calculator.xls