Sr. Manager Hr/admin
Head Payroll And Compliance
Nope thats not correct. How an employee earning 1,00,000 will be applicable of tax of just 5000/- PM. It should be more. Before deducting tax you should take all their savings details, Rental details, Any housing loan or education loan etc. Based on all the calculations only you can calculate TDS. Your finance persons can help on TDS calculation.
31st July 2014 From India, Bangalore
1st August 2014 From India, Mumbai
Therefore, better sit with some finance person or Tax expert and devise a format which an HR department must take from every employee under tax bracket to deduct proper TDS and also save the employer from any hidden tax liability.
4th August 2014 From India, Gwalior
4th August 2014 From India, Ahmadabad