Sr. Manager Hr/admin
Heading Hr In B School
Working As Hr.
C K Shah
Before making salaries you should prepare a split-up structure for salaries as Basic, HRA, Conveyance allowance, Medical Allowance & LTA, Based on those calculations you should look for HRA Exemption, Tax Exemption, Savings and other criterias. Base on those you should prepare TDS.
30th April 2012 From India, Bangalore
TDS is calculated for those employee who come under the purview of professional or consultant
this people instead of paying income tax they pay TDS for employees i guess the TDS to be deducted is 10.33%
30th April 2012 From India, Mumbai
The TDS is deducted after all the allowances & deductions on the gross salary. Please find the excel sheet as attachment. You can see yourself how it would be calculated. Hope that helps.
Note: The Salary Structure is liable to change from organisation to organisation.
30th April 2012 From India, Chandigarh
TDS on Salaries is Calculated on the basis of Per An um Salary Structure. Example Take Employee Yearly Salary Structure and Make a Decution Under Chapter VI and work out according to based on Salary Slab as per Income Tax Act. and Make it Avg Monthly Deduction.
2nd May 2012 From India, Hyderabad
On first Rs. 180000...............Nil
On next Rs. 320000...............10%
On next Rs. 500000...............20%
On balance .........................30%
On above calculated tax, education cess @ 2% and Secondary and Higher Education Cess @ 1% will be added. This will be rounded off to the multiple of Rs. 10. This is the amount of tax to be deducted by you in that particular financial year. This will be divided by 12 and one installment will be deducted every month.
Any problem may be discussed on phone: 09461162226
Dr. C. K. Shah
2nd May 2012 From United States, Cambridge
Hope TDS comes under accounts department functions, please clear the concept ......
3rd May 2012 From India, Jaipur
TDS of employees also comes under accounts in many organisations where there is no HR dept.
Dear Dr. CK Shah i think only the taxable income needs to be rounded off to 10 and not the tax payable amount, please do check and confirm
3rd May 2012 From India, Madras