This is to inform all the professionals to please send the TDS salary deduction formula format at the earliest. I have recently joined our organization, Juki India Pvt Ltd, a Japan-based company. Here, I am looking for TDS calculation assistance, as I don't have any knowledge about TDS. Kindly help me as soon as possible. I am eagerly waiting for your valuable reply.
I am sharing herewith the TDS calculation workbook in Excel created by me, which can be used for the calculation of TDS on salaries. Please note the following points while using this Excel workbook:
1. You need to enable macros as there are a few functions written in VBA.
2. Monthly data needs to be updated every month.
3. The range named "BM" stores the number of balance months (to be updated every month once monthly data is updated).
4. Pivot table should be refreshed after updating monthly data.
5. Employees' names should be updated in the datasheet once. (EPF No is a key criterion that captures data from the pivot table, so EPF no must be entered in the monthly datasheet).
6. The report sheet will provide you with the IT calculation summary for the year 2008-09. Please change the employee serial no for getting the appropriate report.
7. Modify the sheet accordingly if required (password to open/sheets is "admin").
This is Muralidhar. K. Please tell me how to calculate TDS on salary if anyone joined in the middle of the financial year and drew a consolidated salary of around 25,000 per month.
Also, what is the procedure for income tax when the person is an employee of any company?
Please provide answers to the following questions:
1. When an employee joins a company or institution in the middle of the financial year, how do we calculate the TDS?
2. As an accountant/HR executive, what is the procedure for filing the income tax of an employee?
3. What is the procedure when an NRI employee joins in the middle of the financial year?
4. As an accountant, how do I file the income tax of an employee?
5. What documents should I get from the employee and what documents should I prepare?
To calculate TDS on salary, we deduct professional tax, PF, and ESI as per the prescribed format. Can you provide more details on the calculation process?
Please let me know about TDS. I have joined a new company. My salary is 20k per month, and they are deducting my TDS from the very first month. Is it mandatory? I know TDS is deducted at the end of the financial year for the entire year in a single month. Please let me know.
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