Hi All, I have recently joined a startup firm in Bangalore as an HR. Currently, we have a total of 10 employees, and I am responsible for hiring, training, employee relations, preparing offer letters, payslips, etc. Previously, I used to work in a big company where payslips were automatically generated by the Payroll team. Now, my biggest challenge is preparing payslips as I am unsure how to calculate income tax, TDS, professional tax, etc. While I can display the earnings on the left side of the payslip, I am unsure about how to calculate the taxes that appear on the right side.
This is quite urgent. Any help would be highly appreciated. Thanks in advance.
Regards, Kavita
From India, Bangalore
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This is quite urgent. Any help would be highly appreciated. Thanks in advance.
Regards, Kavita
From India, Bangalore
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Hi Kavita,
You can use the format for Payslip. Make the changes as required. For the calculation of PT, you have the breakdown below:
Monthly salaries or wages Tax Rate
(a) less than Rs.10,000 Nil
(b) not less than Rs.10,000 but less than Rs.15,000 Rs.150 per month
(c) Rs.15,000 and above Rs.200 per month
Thank you.
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72You can use the format for Payslip. Make the changes as required. For the calculation of PT, you have the breakdown below:
Monthly salaries or wages Tax Rate
(a) less than Rs.10,000 Nil
(b) not less than Rs.10,000 but less than Rs.15,000 Rs.150 per month
(c) Rs.15,000 and above Rs.200 per month
Thank you.
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Circular No 1-2018 Processing of income-tax returns under section 143(1) of the Income-tax Act .pdf
SALARY SHEET CALCULATION.xls
Salary calculation.doc