Hello, what are the basic rules in deducting TDS from employee salary? Plz help me. Give a details description of rules and regulations in TDS ganga
From India, Bangalore
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From India, Bangalore
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Hi,
TDS stands for Tax Deduction at Source, which is essentially Income Tax. When an employee is earning a salary of Rs. 1,10,000, the employer is responsible for deducting TDS (interpreted as Income Tax) on the salary amount exceeding Rs. 1,10,000 once the employee has utilized all their savings from investments such as LIC, insurance schemes, PPF, children's school fees, EPF, house loans, etc.
At the end of the year, the employer issues a TDS Certificate in the form of 16A, which the employee submits along with the Income Tax Return to the Income Tax department while filing their ITR.
Warm regards, Umesh Chaudhary (welcomeumesh@yahoo.com)
From India, Delhi
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141TDS stands for Tax Deduction at Source, which is essentially Income Tax. When an employee is earning a salary of Rs. 1,10,000, the employer is responsible for deducting TDS (interpreted as Income Tax) on the salary amount exceeding Rs. 1,10,000 once the employee has utilized all their savings from investments such as LIC, insurance schemes, PPF, children's school fees, EPF, house loans, etc.
At the end of the year, the employer issues a TDS Certificate in the form of 16A, which the employee submits along with the Income Tax Return to the Income Tax department while filing their ITR.
Warm regards, Umesh Chaudhary (welcomeumesh@yahoo.com)
From India, Delhi
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Thank you for the information, but I need a detailed explanation. For example, there are specific rules to deduct HRA from income for tax calculation, and employers can provide reimbursements that may be exempted from tax. Any suggestions would be greatly appreciated. Additionally, I need information on the slab for TDS calculation.
ganga
From India, Bangalore
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ganga
From India, Bangalore
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Income tax Rules.xls
Circular No 1-2018 Processing of income-tax returns under section 143(1) of the Income-tax Act .pdf