Dear can some body help me for this what all are the statutory deductions from salary?
From India, Delhi
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From India, Delhi
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Statutory Deductions from Salary
Deductions from salary are as follows:
• **Professional Tax** - This is a tax on employment. The slab rates will change depending on where we are working.
• **Provident Fund** - It's deducted from the basic salary at 12%, and the employer will contribute the same.
• **ESI** - If the salary is below Rs. 10,000, it is applicable. It will be deducted from the gross salary at 1.75%, and the employer will contribute at 4.75%.
• **Income Tax (TDS)** - It's deducted from the total income. Before deducting TDS, we have to compute the total income of the year. If the income exceeds the basic exemption limit (Men: Rs. 1,60,000 & Women: Rs. 1,90,000), then TDS will be deducted as per the Income Tax Slab Rates.
Regards,
Sravan
From India, Hyderabad
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86Deductions from salary are as follows:
• **Professional Tax** - This is a tax on employment. The slab rates will change depending on where we are working.
• **Provident Fund** - It's deducted from the basic salary at 12%, and the employer will contribute the same.
• **ESI** - If the salary is below Rs. 10,000, it is applicable. It will be deducted from the gross salary at 1.75%, and the employer will contribute at 4.75%.
• **Income Tax (TDS)** - It's deducted from the total income. Before deducting TDS, we have to compute the total income of the year. If the income exceeds the basic exemption limit (Men: Rs. 1,60,000 & Women: Rs. 1,90,000), then TDS will be deducted as per the Income Tax Slab Rates.
Regards,
Sravan
From India, Hyderabad
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Hi Deepa,
I agree with Sarvan... a few amendments are needed. The PF and ESI ceiling limits vary from time to time. Please refer to the attached document for further clarification.
I hope this information will be helpful to you.
Regards,
Karthick E.M.
From India, Dindigul
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I agree with Sarvan... a few amendments are needed. The PF and ESI ceiling limits vary from time to time. Please refer to the attached document for further clarification.
I hope this information will be helpful to you.
Regards,
Karthick E.M.
From India, Dindigul
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Rules for Statutory Deductions Exemptions Perquisites-Pay roll.doc