Hi, I want to know about the tds calculation. Pls anybody explain the tds slab rate with detail example.
From India, Bangalore
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2From India, Bangalore
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Dear Sir,
TDS means Tax Deducted at Source when payment is made on taxable sources. For example, rent paid, salary paid, and professional services all constitute taxable income in the hands of the recipient, but only if it exceeds the taxable limit. Rent received above Rs. 1,80,000/- in a year is considered taxable income. Therefore, we need to deduct TDS at a rate of 10% on the rent paid before it is disbursed to the building owner. If the rent paid is below Rs. 1,80,000/-, no TDS needs to be deducted.
Please find the attached chart for your kind attention. For any clarifications, please feel free to reach out with your specific queries.
With Regards,
C. Renuka
From India, Madras
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TDS means Tax Deducted at Source when payment is made on taxable sources. For example, rent paid, salary paid, and professional services all constitute taxable income in the hands of the recipient, but only if it exceeds the taxable limit. Rent received above Rs. 1,80,000/- in a year is considered taxable income. Therefore, we need to deduct TDS at a rate of 10% on the rent paid before it is disbursed to the building owner. If the rent paid is below Rs. 1,80,000/-, no TDS needs to be deducted.
Please find the attached chart for your kind attention. For any clarifications, please feel free to reach out with your specific queries.
With Regards,
C. Renuka
From India, Madras
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Dear Sir,
Any income from taxable sources is to be deducted with tax and paid to the IT department. If you own a house and receive rent above the slab mentioned in the chart, you have to deduct TDS. TDS on rental income is a vast topic. Please let us know your income from business or employment, rental income, rent paid, spouse income, business from other sources, etc. It would be better if you could contact a nearby chartered/cost accountant to get a professional opinion. This could help you save more, please.
With Regards,
C. Renuka
From India, Madras
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Any income from taxable sources is to be deducted with tax and paid to the IT department. If you own a house and receive rent above the slab mentioned in the chart, you have to deduct TDS. TDS on rental income is a vast topic. Please let us know your income from business or employment, rental income, rent paid, spouse income, business from other sources, etc. It would be better if you could contact a nearby chartered/cost accountant to get a professional opinion. This could help you save more, please.
With Regards,
C. Renuka
From India, Madras
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Hi Seniors, Can Any one give me the Service tax Charges, I found some Travel (Cab ) Charging less taxes. Kindly send me the Chart for service tax. Rgds A Krishnamoorthy
From India, Madras
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From India, Madras
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Dear Sir, Good Morning... To get prompt answer for your query, kindly start your query with new thread please. With Regards, C.Renuka
From India, Madras
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From India, Madras
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Dear Friend,
I agree with your view that this is not rocket science, but getting professional opinions on the allowable deductions, limits for the deductions, period of expenses, age, gender, living place, number of houses the assessee has, and many other details should be taken into account.
With Regards,
C. Renuka
From India, Madras
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I agree with your view that this is not rocket science, but getting professional opinions on the allowable deductions, limits for the deductions, period of expenses, age, gender, living place, number of houses the assessee has, and many other details should be taken into account.
With Regards,
C. Renuka
From India, Madras
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Dear friend,
I want to learn about taxation practically. I have basic knowledge about accounting, but my understanding of taxation is very weak. Please tell me how to improve my knowledge about taxation. Also, could you recommend the best auditor in taxation in Davanagere, Karnataka?
From India, Davangere
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I want to learn about taxation practically. I have basic knowledge about accounting, but my understanding of taxation is very weak. Please tell me how to improve my knowledge about taxation. Also, could you recommend the best auditor in taxation in Davanagere, Karnataka?
From India, Davangere
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Dear Monu,
Please see the below Salary TDS Calculation:
01. For example, CTC is 700000. Please see the calculations below.
02. CTC Structure
- Basic: 29,167.00
- HRA: 11,667.00
- Con: 800.00
- Medical: 1,250.00
- Food Coupons: 1,250.00
- Special Allowance: 10,499.00
- PF: 3,500.00
- PT: 200.00
Total: 58,333.00
03. TDS Calculation
Total: 655,596
Less HRA under three conditions whichever is least: 140,004
Total: 515,592
Less: Tax on Employee: 2,400
Total: 513,192
Less: Interest on Housing Loan: 40,000
Total: 473,192
Less: Deductions Under Chapter VI-A
- Provident Fund: 42,000
- Life Insurance: 5,000
- Housing Loan Principal: 7,500
- NSC VIII Issue: 2,500
- Tuition Fee: 12,500
- Public Provident Fund: 5,000
- Fixed Deposit: 10,000
- ULIP: 15,500
Total: 100,000
Total: 373,192
Up to 190,000: Nil
190,000 to 500,000: 10% of 183,192
Tax on Salary Income: 18,319
Add: Education Cess: 366
Total Tax: 18,685
Tax Per Month: 1,557
For this employee, the monthly tax is Rs. 1,557. If you have any doubts, please email me at vvnsuresh@gmail.com.
V.V.N. Suresh
Manager-Payroll
From India, Hyderabad
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Please see the below Salary TDS Calculation:
01. For example, CTC is 700000. Please see the calculations below.
02. CTC Structure
- Basic: 29,167.00
- HRA: 11,667.00
- Con: 800.00
- Medical: 1,250.00
- Food Coupons: 1,250.00
- Special Allowance: 10,499.00
- PF: 3,500.00
- PT: 200.00
Total: 58,333.00
03. TDS Calculation
Total: 655,596
Less HRA under three conditions whichever is least: 140,004
Total: 515,592
Less: Tax on Employee: 2,400
Total: 513,192
Less: Interest on Housing Loan: 40,000
Total: 473,192
Less: Deductions Under Chapter VI-A
- Provident Fund: 42,000
- Life Insurance: 5,000
- Housing Loan Principal: 7,500
- NSC VIII Issue: 2,500
- Tuition Fee: 12,500
- Public Provident Fund: 5,000
- Fixed Deposit: 10,000
- ULIP: 15,500
Total: 100,000
Total: 373,192
Up to 190,000: Nil
190,000 to 500,000: 10% of 183,192
Tax on Salary Income: 18,319
Add: Education Cess: 366
Total Tax: 18,685
Tax Per Month: 1,557
For this employee, the monthly tax is Rs. 1,557. If you have any doubts, please email me at vvnsuresh@gmail.com.
V.V.N. Suresh
Manager-Payroll
From India, Hyderabad
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Housing Laon Principal 7500 NSC VIII Issue 2500 Tution Fee 12500 Public Provident Fund 5000 Fixed Deposit 10000 ULIP 15500 100000 what is this pls explaine one by one i can not understand
From India, Davangere
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From India, Davangere
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Hi Ramya,
All these are deductions as per the Income Tax Act of 1961 under section 80C:
1. If you are taking a housing loan from the bank, the principal amount is also deducted from your salary.
2. National Saving Certificate VIII Issue is also one of the deductions.
3. Tuition fees for children.
4. Public Provident Fund account of SBI is also one of the deductions.
5. Five years locking period of Fixed Deposit.
6. Unit Linked Insurance premium with a three-year locking period.
All of the above are 80C deductions as per the Income Tax Act of 1961. After these deductions are made from your salary, your tax liability is calculated.
For all these deductions, you need to provide proofs to your employer.
Regards,
Suresh
From India, Hyderabad
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All these are deductions as per the Income Tax Act of 1961 under section 80C:
1. If you are taking a housing loan from the bank, the principal amount is also deducted from your salary.
2. National Saving Certificate VIII Issue is also one of the deductions.
3. Tuition fees for children.
4. Public Provident Fund account of SBI is also one of the deductions.
5. Five years locking period of Fixed Deposit.
6. Unit Linked Insurance premium with a three-year locking period.
All of the above are 80C deductions as per the Income Tax Act of 1961. After these deductions are made from your salary, your tax liability is calculated.
For all these deductions, you need to provide proofs to your employer.
Regards,
Suresh
From India, Hyderabad
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Dear Sir, We can claim Rs.1,00,000/- under section 80C of Income Tax Act-1951 and above this limit of expenses, you have to take to taxable income. With Regards, C.Renuka
From India, Madras
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From India, Madras
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ya i have the slab rates table for last year and current year also i can fw you by tomorrow Suresh
From India, Hyderabad
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From India, Hyderabad
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Hi,
My qualification is M.Com currently pursuing M.B.A and C.A. I have 13 years of experience in various fields:
- Audit Service: 4 years and 6 months (Audit Assistant)
- BPO Service: 2 years and 6 months (Accounts Officer)
- Pharma Service: 1 year (Senior Accounts Officer)
- Healthcare Service: 2 years and 4 months (Acting Payroll Manager)
- Service Industry: 9 months (Analyst)
- Healthcare Service: 7 months (Senior Specialist in Compensation and Benefits)
- Steel Manufacturing: 2 years and 4 months (Currently working as ERP Manager)
This is a brief summary of my profile.
From India, Hyderabad
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My qualification is M.Com currently pursuing M.B.A and C.A. I have 13 years of experience in various fields:
- Audit Service: 4 years and 6 months (Audit Assistant)
- BPO Service: 2 years and 6 months (Accounts Officer)
- Pharma Service: 1 year (Senior Accounts Officer)
- Healthcare Service: 2 years and 4 months (Acting Payroll Manager)
- Service Industry: 9 months (Analyst)
- Healthcare Service: 7 months (Senior Specialist in Compensation and Benefits)
- Steel Manufacturing: 2 years and 4 months (Currently working as ERP Manager)
This is a brief summary of my profile.
From India, Hyderabad
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dear sir, tds on salary we deducted all loan that mean can budget loan taken from bank so this are also deducted is it right?
From India, Davangere
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From India, Davangere
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sir, u r told housing loan also deduction salary on tds so am asking you only housing loan or all loan deduction on salary tds?
From India, Davangere
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From India, Davangere
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DEAR RAMYA For Income Tax calculation we are not considering the Vechile Loan, Personnel Loan , We are consider only Housing Loan, budget loan Are you clear
From India, Hyderabad
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From India, Hyderabad
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Income Tax Calculation 2009-10 - Salaries.xls