Hi, I want to know about the tds calculation. Pls anybody explain the tds slab rate with detail example.
From India, Bangalore
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2From India, Bangalore
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Understanding TDS: Tax Deducted at Source
TDS means Tax Deducted at Source when payment is made on taxable sources. For example, rent paid, salary paid, and professional services all constitute taxable income in the hands of the recipient, but only if it exceeds the taxable limit. Rent received above Rs. 1,80,000/- in a year is considered taxable income. Therefore, we need to deduct TDS at a rate of 10% on the rent paid before it is disbursed to the building owner. If the rent paid is below Rs. 1,80,000/-, no TDS needs to be deducted.
Please find the attached chart for your kind attention. For any clarifications, please feel free to reach out with your specific queries.
Regards,
C. Renuka
From India, Madras
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TDS means Tax Deducted at Source when payment is made on taxable sources. For example, rent paid, salary paid, and professional services all constitute taxable income in the hands of the recipient, but only if it exceeds the taxable limit. Rent received above Rs. 1,80,000/- in a year is considered taxable income. Therefore, we need to deduct TDS at a rate of 10% on the rent paid before it is disbursed to the building owner. If the rent paid is below Rs. 1,80,000/-, no TDS needs to be deducted.
Please find the attached chart for your kind attention. For any clarifications, please feel free to reach out with your specific queries.
Regards,
C. Renuka
From India, Madras
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Understanding TDS on Rental Income
Any income from taxable sources is subject to tax deductions and must be paid to the IT department. If you own a house and receive rent above the slab mentioned in the chart, you are required to deduct TDS. TDS on rental income is a vast topic. Please let us know your income from business or employment, rental income, rent paid, spouse income, business from other sources, etc. It would be beneficial to contact a nearby chartered or cost accountant to get a professional opinion. This could help you save more.
With Regards,
C. Renuka
From India, Madras
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Any income from taxable sources is subject to tax deductions and must be paid to the IT department. If you own a house and receive rent above the slab mentioned in the chart, you are required to deduct TDS. TDS on rental income is a vast topic. Please let us know your income from business or employment, rental income, rent paid, spouse income, business from other sources, etc. It would be beneficial to contact a nearby chartered or cost accountant to get a professional opinion. This could help you save more.
With Regards,
C. Renuka
From India, Madras
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Salary TDS Calculation Example
Please see the below Salary TDS Calculation:
CTC Structure
- Basic: 29,167.00
- HRA: 11,667.00
- Con: 800.00
- Medical: 1,250.00
- Food Coupons: 1,250.00
- Special Allowance: 10,499.00
- PF: 3,500.00
- PT: 200.00
Total: 58,333.00
TDS Calculation
- Total: 655,596
- Less HRA under three conditions whichever is least: 140,004
- Total: 515,592
- Less: Tax on Employee: 2,400
- Total: 513,192
- Less: Interest on Housing Loan: 40,000
- Total: 473,192
- Less: Deductions Under Chapter VI-A
- Provident Fund: 42,000
- Life Insurance: 5,000
- Housing Loan Principal: 7,500
- NSC VIII Issue: 2,500
- Tuition Fee: 12,500
- Public Provident Fund: 5,000
- Fixed Deposit: 10,000
- ULIP: 15,500
Total: 100,000
- Total: 373,192
- Up to 190,000: Nil
- 190,000 to 500,000: 10% of 183,192
- Tax on Salary Income: 18,319
- Add: Education Cess: 366
- Total Tax: 18,685
- Tax Per Month: 1,557
For this employee, the monthly tax is Rs. 1,557. If you have any doubts, please email me at [Email Removed For Privacy Reasons].
Regards,
V.V.N. Suresh
Manager-Payroll
From India, Hyderabad
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Please see the below Salary TDS Calculation:
CTC Structure
- Basic: 29,167.00
- HRA: 11,667.00
- Con: 800.00
- Medical: 1,250.00
- Food Coupons: 1,250.00
- Special Allowance: 10,499.00
- PF: 3,500.00
- PT: 200.00
Total: 58,333.00
TDS Calculation
- Total: 655,596
- Less HRA under three conditions whichever is least: 140,004
- Total: 515,592
- Less: Tax on Employee: 2,400
- Total: 513,192
- Less: Interest on Housing Loan: 40,000
- Total: 473,192
- Less: Deductions Under Chapter VI-A
- Provident Fund: 42,000
- Life Insurance: 5,000
- Housing Loan Principal: 7,500
- NSC VIII Issue: 2,500
- Tuition Fee: 12,500
- Public Provident Fund: 5,000
- Fixed Deposit: 10,000
- ULIP: 15,500
Total: 100,000
- Total: 373,192
- Up to 190,000: Nil
- 190,000 to 500,000: 10% of 183,192
- Tax on Salary Income: 18,319
- Add: Education Cess: 366
- Total Tax: 18,685
- Tax Per Month: 1,557
For this employee, the monthly tax is Rs. 1,557. If you have any doubts, please email me at [Email Removed For Privacy Reasons].
Regards,
V.V.N. Suresh
Manager-Payroll
From India, Hyderabad
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ya i have the slab rates table for last year and current year also i can fw you by tomorrow Suresh
From India, Hyderabad
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From India, Hyderabad
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Income Tax Calculation 2009-10 - Salaries.xls