Please advise me about TDS deductions from employees' salaries. Require a brief note

Shalini S J
Hi, all good morning! We are in the manufacturing and forging industry, and from this year we are planning to deduct TDS on salaries, can you please advise me about TDS deductions from employees salaries. Require a brief note about it.
jeevarathnam
Hi
First of all its the Employer responsibility to deduct the TAX for the applicable employees & remit the same to the Income tax department. Any how you have initiated now.
If at all you want to deduct the Income tax on the employees first of all you should learn how to calculate the tax, What are the exemptions, You should get the savings details etc from the employees. Generally TDS is calculated by the Finance department & in very occasionally even HR professional will calculated TAX
If there is any finance team then it is advisable to take their help or take the assistance of the auditor of the organisation. Still you want to proceed on your won you can reach me personally
nariy@rediffmail.com
Hi,
Please find enclosed the sample employee income tax declaration format for your reference, hope this may help you. Have to update if any change in tax slabs.
FORM NO. 12 B (Form for furnishing details of Income under section 192 (2) for the year ending 31st March, YYYY) also to be maintained.
Regards,
Narayan
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PUL HRMS
Hello Shalini S J,
For monthly tax deduction, initial step is Calculating Tax applicable to employees by generating projected Annual income.
The total tax applicable to employee will be equated in monthly installments and deducted from Salary.
As this is a statutory deduction, the deducted Tax is to be remitted to ITax dept and on basis Quarterly you need to submit Form 24Q and Annually Form 24 to ITax dept
As you are from manufacturing sector, make sure that employee has PAN No, if tax is applicable to that employee.
For any further assistant feel free to call me.
K Vidyesh
Office Ph 022-61156999
Mobile 9930757776
Vasudevdeepak
Dear Ms Shalini,
At the beginning of the financial year we need to get declarations from all the employees on how they are going to invest their taxable component of their salary and HR Department deducts a proportionate amount every month form their payroll. At the end of the financial year their tax proofs are verified and the amount so deducted is adjusted.
Regards,
Deepak Vasudevan
HR Professional
vanajaram
respected member,
FOR TAX DEDUCTION AT SOURCE FIRST EMPLOYER IS TO APPLY FOR TAN NUMBER FOR REMITTANCE OF TAX TO INCOME TAX DEPARTMENT. IN RECENT PAST FORM 16 IS MODIFIED AND IT IS IN CONSIGED FORM, IT IS COMING IN A4 PAPER FOR EASY PRINTING AND DISTRIBUTION. FOR FURTHER DETAILS REFER INCOME TAX RULES AND AUDITORS FOR CORRECTNESS.
jd2001
Hi,
Please downland standard format for investment declaration notified CBDT.
http://taxguru.in/income-tax/cbdt-notifies-form-deduction-claim-salary-employees.html
Hope it is useful.
thanks and regards
jd
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