Sr. Manager Hr/admin

Thread Started by #Rani HR

Hi All,
As our company is start up company we don't have any cuttings like PF and ESI, But we started TDS deductions from last month..
My doubt is that, Is LOP effects the TDS? If yes,How much we have to deduct from the salary?
9th November 2012 From India, Hyderabad
Hi Rani
For example if employee is drawing monthly Salary of 25000/-
Total annual pay is 25000 X 12 = 300000/-
Less PT actual per month X 12 Consider 200/- PM X 12 = 2400
Less HRA Exemption on computation
Less Conveyance allowance 800 X 12 = 9600/-
Less Medical Allowance 1250 X 12 = 15000/-
After all deductions on the above is taxable Income
Even here you should consider the savings under 80C, 80D, 80F etc
Then check the Income then calculate the tax as per the slabs
In any case if total gross salary is less than 24000/- PM there is no TDS
9th November 2012 From India, Bangalore
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