Hi,
We just started company and going to pay employees from this month. How to calculate TDS because we are at the end of 2010-2011 and just 2 months.
do we need to calc one year salary and compute the tds for this month and next month or just calc 2 months pay of employee which dont need to deduct tds bcos the pay wont cross the income tax deduction slap.
Please advise.
From India, Pondicherry
1We just started company and going to pay employees from this month. How to calculate TDS because we are at the end of 2010-2011 and just 2 months.
do we need to calc one year salary and compute the tds for this month and next month or just calc 2 months pay of employee which dont need to deduct tds bcos the pay wont cross the income tax deduction slap.
Please advise.
From India, Pondicherry
Hi
Please let me know the salary you are paying per individual, tell me the approximate figure, and also let me know the your company status whether it is private ltd company or proprietorship concern.
feel free to ask clarifications on taxation
Basappa M V
+91 9972305388
From India, Bangalore
Please let me know the salary you are paying per individual, tell me the approximate figure, and also let me know the your company status whether it is private ltd company or proprietorship concern.
feel free to ask clarifications on taxation
Basappa M V
+91 9972305388
From India, Bangalore
Thanks for your reply.
It is a partnership company and paying salary to all employee approximately 20 to 30K each. also some of them worked but not got form 16 which is not issued by previous employer and no tds.
From India, Pondicherry
It is a partnership company and paying salary to all employee approximately 20 to 30K each. also some of them worked but not got form 16 which is not issued by previous employer and no tds.
From India, Pondicherry
For partnership Deduction of TDS is mandatory, If employee drawing Salary rs.30K PM his two months salary comes to be Rs.60K, as per IT 160K exempted for the Individual. hence your case it is not applicable for employee salary deduction. And also note that if you are paying professional charges and advertisement charges etc TDS is applicable.
Any assistance regarding Tax, Accounting, Audit matters feel free to contact me on following, I am chartered accountant.
Thanks
Basappa
9972305388
From India, Bangalore
Any assistance regarding Tax, Accounting, Audit matters feel free to contact me on following, I am chartered accountant.
Thanks
Basappa
9972305388
From India, Bangalore
Hi..
I am working as an HR in a private ltd. company in mumbai...
In the month of October 1 male person joined the company and his per month salary is 30,000. so what about TDS of him.
Another male person joined company in the month of November and his per month salary is 20,000. so what about TDS of him.
You said that "if you are paying professional charges and advertisement charges etc TDS is applicable." what does it mean? Professional charges means PT or what..If it is PT we got P.T.E.C. no in the name of company in january and for employees we are applying in this month.
what do you mean by advertisment charges for what...Plz explain me...
I will be obliged...
Thank You
From India, Thana
I am working as an HR in a private ltd. company in mumbai...
In the month of October 1 male person joined the company and his per month salary is 30,000. so what about TDS of him.
Another male person joined company in the month of November and his per month salary is 20,000. so what about TDS of him.
You said that "if you are paying professional charges and advertisement charges etc TDS is applicable." what does it mean? Professional charges means PT or what..If it is PT we got P.T.E.C. no in the name of company in january and for employees we are applying in this month.
what do you mean by advertisment charges for what...Plz explain me...
I will be obliged...
Thank You
From India, Thana
the professional and advertisement here it is mean for company which is providing services not for salaried individual
From India, Pondicherry
From India, Pondicherry
Hi, Reg: Sapnas query,
TDS is applicable for various payments,
Such as contract payments, Advertisement payments, salaries, professional charges,
I think as a HR you are responsible for TDS on salary part other part will taken care by Finance team.
Reg: your query on the above given salaries to be paid;
for excat calculation we need the salary break such as Basic, DA, HRA, PF deduction etc.,
For approximate calculation is as follows
Male employee joined on october 1: His expected salary at the end of 31st march 2011 is 1,80,000/- PT & Conveyance deduction say 6000 then tax will comes Rs.1442. ( it is subject to he is not worked for earlier period)
Male employee joined in November: there is no need of dedction since his income per se not exceeds Rs.160000.
Any assistance regarding Tax, Accounting, Audit matters feel free to contact me on following, I am chartered accountant.
Thanks
Basappa
9972305388
From India, Bangalore
TDS is applicable for various payments,
Such as contract payments, Advertisement payments, salaries, professional charges,
I think as a HR you are responsible for TDS on salary part other part will taken care by Finance team.
Reg: your query on the above given salaries to be paid;
for excat calculation we need the salary break such as Basic, DA, HRA, PF deduction etc.,
For approximate calculation is as follows
Male employee joined on october 1: His expected salary at the end of 31st march 2011 is 1,80,000/- PT & Conveyance deduction say 6000 then tax will comes Rs.1442. ( it is subject to he is not worked for earlier period)
Male employee joined in November: there is no need of dedction since his income per se not exceeds Rs.160000.
Any assistance regarding Tax, Accounting, Audit matters feel free to contact me on following, I am chartered accountant.
Thanks
Basappa
9972305388
From India, Bangalore
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TDS circular.pdf
Format--new TDS rates.xls
BASICS OF TDS ON SALARY-1.doc