What is the system? Is that deducted from basic salary? or else what is the limit for basic, hra and other allowances to get exempted from Income Tax. Please help me out with an example. Thanks:
From India, New Delhi
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From India, New Delhi
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Hi! C if this attached sheet might help u out. Chitra Sharma
From India, Ahmadabad
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From India, Ahmadabad
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Dear Friends,
There is a master CIRCULAR NO. 8/2007 [F.No.275/192/2007-IT(B)] of the Income Tax Department for the deduction of TDS on salaries. I am attaching the same for your reference; it also provides examples for deduction.
Regards,
Sanjiv Sharma
From France, Courbevoie
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11There is a master CIRCULAR NO. 8/2007 [F.No.275/192/2007-IT(B)] of the Income Tax Department for the deduction of TDS on salaries. I am attaching the same for your reference; it also provides examples for deduction.
Regards,
Sanjiv Sharma
From France, Courbevoie
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Hi Vinit Srivastava,
I am working on a new structure for the senior management employees of my company. I would like to know if an employee who has received a handsome appraisal and wishes to attach the car, which is in his wife's name, on a hire purchase scheme with the company instead of taking a raise in his salary, will the amount paid to his wife attract TDS at 2.5% as in the case of contracts or as applicable for rent.
My accounts guy is not clear on this. Please advise if you are aware of this situation.
Thank you,
Vinit Srivastava
From India, Delhi
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I am working on a new structure for the senior management employees of my company. I would like to know if an employee who has received a handsome appraisal and wishes to attach the car, which is in his wife's name, on a hire purchase scheme with the company instead of taking a raise in his salary, will the amount paid to his wife attract TDS at 2.5% as in the case of contracts or as applicable for rent.
My accounts guy is not clear on this. Please advise if you are aware of this situation.
Thank you,
Vinit Srivastava
From India, Delhi
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Circular No 1-2018 Processing of income-tax returns under section 143(1) of the Income-tax Act .pdf
Income Tax Calculator.xls