We hired some senior employees, and their salary falls under taxable income. I would like to know, is it necessary for our organization to handle their salary tax and file TDS? When preparing the salary slip, do I need to show their deductions?
From India, Mumbai
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2From India, Mumbai
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Hi, It is mandatory by law that deduct all the taxes, deductions as per various laws, and mention the same in salary slip. Regards, sushil.
From India, Pune
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From India, Pune
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Munali, The company is libel to deduct tax at source, hence it has to do the other formalities.
From India, Bhopal
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From India, Bhopal
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Thank you for the reply. Is there a formula to deduct tax? For example, if I am providing a CTC of 8 lakh per annum to an employee, how and on what basis can I deduct their tax?
Another Question
Do I need to show the tax deduction in the employee's salary slip?
Thank you,
Munali
From India, Mumbai
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Another Question
Do I need to show the tax deduction in the employee's salary slip?
Thank you,
Munali
From India, Mumbai
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Dear Sir, please help me with how to set the salary structure to deduct less TDS from salary. How to deduct TDS from salary? What is the formula to deduct TDS from salary?
Regards, Vedvert Dalal (Executive HR)
From India, Rohtak
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Regards, Vedvert Dalal (Executive HR)
From India, Rohtak
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Dear All, I have attached TDS calculation sheet for your reference.
From India, Mumbai
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From India, Mumbai
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Dear Munali i think you have to go through Income Tax Ready Reckoner, It can solve your income tax on salary problem. Regards Kamlesh Mehta
From India, Pune
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From India, Pune
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Dear laxmansingh presuming that your gross monthly salary is 15000/-, pls find enclosed a salary structure with tax computations.
From India, Gurgaon
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From India, Gurgaon
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The employer PF will be shown on CTC and not on Gross Salary. You may like to correct the same. Furthermore, the short forms like MR, etc., may be given the full expanded version so that everyone can understand.
Regards
From India, Kumbakonam
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Regards
From India, Kumbakonam
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Thank you for the inputs. You are correct that the employer's contribution to PF is never shown as part of the gross salary, although it is part of the CTC. I will correct that. Yes, abbreviations should have been avoided for better understanding. I appreciate your feedback.
Regards,
Rajiv
From India, Gurgaon
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Regards,
Rajiv
From India, Gurgaon
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Understanding TDS: Income Tax Deducted at Source
TDS means "Income Tax" deducted at the source. Fundamentally, it is nothing but Income Tax only. The difference necessary for understanding is that through TDS provisions, the government has ensured the early recovery of Income Tax as it is deducted by the employer while making salary payments and deposited with the government treasury. The employee, while filing ITR, claims the TDS to be set off against his/her Income Tax Liability.
Regards,
Rajiv
From India, Gurgaon
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TDS means "Income Tax" deducted at the source. Fundamentally, it is nothing but Income Tax only. The difference necessary for understanding is that through TDS provisions, the government has ensured the early recovery of Income Tax as it is deducted by the employer while making salary payments and deposited with the government treasury. The employee, while filing ITR, claims the TDS to be set off against his/her Income Tax Liability.
Regards,
Rajiv
From India, Gurgaon
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PT,ESIC,TDS,FBT ,S[1][1].Tax Calculator.xls