Urgent Help On Tds For Employees!!! - PDF Download

Hi Friends...
I require some urgent help from your side.
I'm curently working in IT Sector as HR Executive, where I'm asked to calcuate the Taxation part of all the employees & the TDS that has to be cut from their salary.
I would like to know if this is to be done by the HR Department??
If Yes, How do we go about it??
What are the things which are to be taken care off??
Kindly help me out with the same plzz..
Thanks in Advance. :)
Regards,
Nikhil Gadodia
HR & Administration Executive
Broadllyne Infoservices Pvt. Ltd.
Consultant
www.managementparadise.com

Hi Nikhil,
Based on my personal experience, I know that HR coordinates with employees and gets their Income/Investment Details.
The person handling payroll is responsible for TDS calculations. It has to be supported by Finance.
So both the departments play an equal role in it.
Hope this might be of some use..
Waiting for others to reply on the same
Regards,
Poorna

forgot to add a couple of things..
Get the investment declaration from the employees.
also check for other posts in the site..
There are some tax calculators which has already been posted and it will certainly be of use to you.
Regards,
Poorna

Thnx Poorna...
To add something, we dont have any payroll dept. as such. Currently I'm the only person in the HR Dept out there. But being a fresher for all these aspects, I dont have much idea regarding the same.
I have asked my accounts people to help me out with the same...
But would like to have some idea on my own to work out something...
Will wait for some more advise from Seniors.....

hI,
TDS Calculation is HR / Accounts both responsible. Accounts people has to calculate the TDS and HR Department will provide all the Salary details of Accounts.
Accordingly Accounts people will calculate TDS and inform HR. Otherwise some payroll packages are available. Automatically all the calculations will be done.
thanks
vaitheeswaran

Hi,
Since as mentioned by you, you are lone member in HR in your team, You should advice the management to have a software to get all this done at ease for... check out at http://www.paycare.co.in
Mohideen

Nikhil,
That's not big ask, you can download Tax Calculator from net and calculate the same.
You only need to know couple of things, the taxable income of an employee which is generally Basic+HRA+Special Allowance (or any other allowance) & their total investments(within 1 lac) in last financial yr for claiming tax exemption.
Amit

Hi,
I am Finance Guy, I down loaded four or five income tax calculator from the net, i fell this attachment is the best one.
If you want to calculate your own do the same.
or you want any assitant i will do the same but i will charges very nominal charges.
I have some question
What is the Salary Range of your employees (Eg: from Rs 150000 to 500000 like that)
How many employess are in your organisation ????
How many of your employees are falling in the range of Rs.200000 and above.
Regards
Kugan Paramasivam.
09840485689
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HR ppl should know about the TDS. BUt to my knowledge the operational part is carried out by Finance. Neither can HR be so well aware of teh taxation laws of the country nor are they particularly popular for undertsnading the intricaices of the system.
Generally there is either a separate payroll section in Hr which employs ppl with finance background more than HR. or Finance is responsible for it.
My recommendation would be that u make a small list of your industry organisations & find out who does their TDS & preset it to ur boss.
But if u have to have to do it atleast request ur boss to let u hire a consultant to know about the law - what investments are exempt to what extent, etc... This will atleast help u get started.
A

I have a query.
An employee has taken a loan from PMRY when he was unemployeed.
Now he is working in a Corporate can he get tax benefit on this loan.
pls reply.