Guys:
I have a few queries that I need your valuable responses to at the very earliest.
1. What is the percentage of TDS to be deducted for the Consultant? (To my knowledge, it is 5.33%, but I heard that there has been a change in it. Please let me know.)
2. What is the formula for calculating the Earned Leaves (EL), and is it calculated on Gross or Basic?
Early responses would help a lot.
Thanks,
- Mirza
From Saudi Arabia, Jiddah
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20I have a few queries that I need your valuable responses to at the very earliest.
1. What is the percentage of TDS to be deducted for the Consultant? (To my knowledge, it is 5.33%, but I heard that there has been a change in it. Please let me know.)
2. What is the formula for calculating the Earned Leaves (EL), and is it calculated on Gross or Basic?
Early responses would help a lot.
Thanks,
- Mirza
From Saudi Arabia, Jiddah
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Hi Mirza, I think that now the TDS deduction is 10.3% and i am not sure about EL... Regards, Saravana
From India, Madras
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From India, Madras
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Hi Mirza,
Yes, TDS is 10.3%, and it's being deducted from the consultants.
Earned leave will be calculated on the basic salary only. The formula to calculate EL is Total Basic Salary divided by the Total Number of Months he worked, multiplied by the number of earned leaves divided by thirty days.
If you have any clarifications, please let me know.
Regards,
Vinay
9849996015
From United States, San Bruno
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Yes, TDS is 10.3%, and it's being deducted from the consultants.
Earned leave will be calculated on the basic salary only. The formula to calculate EL is Total Basic Salary divided by the Total Number of Months he worked, multiplied by the number of earned leaves divided by thirty days.
If you have any clarifications, please let me know.
Regards,
Vinay
9849996015
From United States, San Bruno
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Hi Mirza, Revised TDS percentage is effective from June 1st, 2007, got confirmed from my finance people. Rgds, Vinay
From United States, San Bruno
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From United States, San Bruno
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Responsibilitie s of person who is responsible for deduction of TDS on salary.docx
Amendment in Section 192A of the IT Act, 1961- Instructions for deduction of TDS on withdrawal f.pdf