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Pls brief me about the currect TDS deduction norms for 2014-2015.Require this information for TDS deduction for employees working as HR Manager
Dear Sir,

As per the Section 192, the Employer is required to deduct Tax at source on the amount payable at the average rate of Income Tax.

Rate of Deduction of Tax

In case of individual & HUF (other than II and III below)

(i) Where the total income does not exceed Rs.1,60,000/-. -------- NIL

(ii) Where the total income exceeds Rs.1,60,000/- but does not exceed Rs.5,00,000/-.------ 10% of the amount in access of 1,60,000/-

(iii) Where the total income exceeds Rs.5,00,000/- but does not exceed Rs.8,00,000/-.------- Rs.34,000/- + 20% of the amount by which total income exceeds Rs.5,00,000/-.

(iv) Where the total income exceeds Rs.8,00,000/-.------ Rs.94,000/- + 30% of the amount by which total income exceeds Rs.8,00,000/-.

In case of individual being a woman resident in India and below 65 years at any time during the previous year

(i) Where the total income does not exceed Rs.1,90,000/-.---- -Nil

(ii) Where total income exceeds Rs.1,90,000/- but does not exceed Rs.5,00,000/-.------10% of the amount by which the total income exceeds Rs.1,90,000/-.

(iii) Where the total income exceeds Rs.5,00,000/- but does not exceed Rs.8,00,000/-.-----Rs.31,000/- + 20% of the amount by which total income exceeds Rs.5,00,000/-.

(iv) Where the total income exceeds Rs.8,00,000/-.-------Rs.91,000/- + 30% of the amount by which the total income exceeds Rs.8,00,000/-.

In case of an individual resident who is of the age of 65 years or more at any time during the previous year :-

(i) Where the total income does not exceed Rs.2,40,000/----NIL

(ii) Where the total income exceeds Rs.2,40,000/- but does not exceed Rs.5,00,000/------10% of the amount by which the total income exceeds Rs.2,40,000/-

(iii) Where the total income exceeds Rs.5,00,000/- but does not exceed Rs.8,00,000/- ------ Rs.26,000/- + 20% of the amount by which the total income

exceeds Rs.5,00,000/-

(iv) Where the total income exceeds Rs.8,00,000/- ---------Rs.86,000/- + 30% of the amount by which the total income

exceeds Rs.8,00,000/-

Reference: Income Tax Act 1961, Income Tax Rule 1962, Wealth Tax Act 1957, Wealth Tax Rules 1957

Notifications issued from time to time.

Hii i am attaching the file of tds saving sections for getting full knowledge about the saving of tax from the income. Regards, arpit sharma 09761058808

Attached Files
File Type: docx Income Tax work.docx (12.1 KB, 1888 views)

Dear Richa R. The attached notes will help you to under stand the Salary, TDS etc. in a nutshell and use them updated always for corrections if any. Regards,

Attached Files
File Type: doc WHAT CONSTITUTES SALARY INCOME.doc (39.0 KB, 984 views)
File Type: docx IT RATES 2013-14.docx (18.6 KB, 299 views)
File Type: doc Income Exempt Under Section 10.doc (101.0 KB, 458 views)
File Type: doc Failure to deposit tax deducted.doc (133.0 KB, 326 views)

Dear Richa, It’s also necessary to know some more thing like "Perquisites", Exemptions, computation of taxable income etc. Attached notes will give you some more infn. on these.
Before proceeding to effect TDS from the employees you should obtain the Tax planning declaration incorporating those items and amounts that every employee planning w.r.t. to other incomes like House Rent, bank interest, dividend etc. which are outside the payroll and likely income tax for the whole year in the month of April itself based on which you should estimate the likely IT computed and determine TDS monthly proportion to deduct from their salary. This should be reviewed and reestimate after completion of 3rd Qr. i.e. in January, the following year and revise the applicable tax based on actuals after obtaining copies relevant savings and revise the TDS to be effected in the last Qr. ie. Jan. to March. You must further confirm by working out the final IT and fully account the TDS or refund for the month of March. Like this if you do the computation systematically you will have no problem.

Attached Files
File Type: docx Deductions From Salary-sec.80 Items-checklist.docx (14.2 KB, 954 views)
File Type: docx Taxable Perquisites & exempted, computation of IT 2014-15.docx (17.6 KB, 441 views)
File Type: doc Exemption on Salary Components.doc (120.5 KB, 574 views)
File Type: docx Tips to save ITax.docx (16.3 KB, 442 views)

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