Dear all, Require your help on how to calculate IT(Income Tax) of an employee based on his CTC.Awaiting for reply. Regards Satya
From India, Delhi
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1From India, Delhi
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Hi Satya,
I hope this link will be somewhat useful for you:
[Personal Income Tax reduced - New Slabs as per Budget 2008 - Income Tax 2008, tax slabs](http://whatyouwant.in/show_want.php?id=693)
Please let me know if you have any questions or need further assistance.
From India, Mumbai
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I hope this link will be somewhat useful for you:
[Personal Income Tax reduced - New Slabs as per Budget 2008 - Income Tax 2008, tax slabs](http://whatyouwant.in/show_want.php?id=693)
Please let me know if you have any questions or need further assistance.
From India, Mumbai
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Dear Satya, As per your post. IT is calculated in CTC. I think you know about slabs of IT. And you should know about exemption too. send me your mail-id, i will forward the material...
From India, Bangalore
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From India, Bangalore
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Hi,
There are many factors that we need to consider while calculating income tax (IT) on salary. Usually, IT on salary is calculated and deducted in the form of TDS each month from the salary. This is mandatory for every company. If it is not done, the company will be liable to pay interest as well as penalties.
First of all, please note that IT on salary is not calculated on Cost to Company (CTC). It is always calculated on the net taxable income. I have provided an example of IT calculation in the attached Excel sheet. It is based on some assumptions and will vary if any of the assumptions change. I am also attaching a sheet showing the rates and possible exemptions from tax. In case of any doubt, please email me.
From India, Kottayam
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There are many factors that we need to consider while calculating income tax (IT) on salary. Usually, IT on salary is calculated and deducted in the form of TDS each month from the salary. This is mandatory for every company. If it is not done, the company will be liable to pay interest as well as penalties.
First of all, please note that IT on salary is not calculated on Cost to Company (CTC). It is always calculated on the net taxable income. I have provided an example of IT calculation in the attached Excel sheet. It is based on some assumptions and will vary if any of the assumptions change. I am also attaching a sheet showing the rates and possible exemptions from tax. In case of any doubt, please email me.
From India, Kottayam
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SALARY CALCULATOR & INCOME TAX.zip
Income Tax Calculation 2009-10 - Salaries.xls