Dear Seniors, Greetings! Myself Amit Kumar Rajput, working in a IT company as an HR Executive. I am not well aware about TDS Deduction on salaries. Can anyone help me. regards, Amit
From India, Delhi
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3From India, Delhi
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My name is Amit Kumar Rajput, and I work in an IT company as an HR Executive. I am not well-versed in TDS deductions on salaries. Could anyone help me understand the criteria for TDS deduction if an employee is earning 3 lakhs per annum?
Regards,
Amit
From India, Delhi
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Regards,
Amit
From India, Delhi
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Subject: TDS
1. ₹2 lakh exempted.
2. ₹2 to ₹5 lakh: Rate of Income Tax = 10% + 3% Education cess on Tax Amount.
3. ₹5 to ₹10 lakh: 20% + 3% Education cess on Tax Amount.
4. Above ₹10 lakh: 30% + 3% Education cess on Tax Amount.
Over and above ₹2 lakh, a few deductions are permissible such as PF contribution, PTax, LIC premium, home loan interest, conveyance allowance, etc.
Regards,
SD Patil
From India, Kolhapur
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1. ₹2 lakh exempted.
2. ₹2 to ₹5 lakh: Rate of Income Tax = 10% + 3% Education cess on Tax Amount.
3. ₹5 to ₹10 lakh: 20% + 3% Education cess on Tax Amount.
4. Above ₹10 lakh: 30% + 3% Education cess on Tax Amount.
Over and above ₹2 lakh, a few deductions are permissible such as PF contribution, PTax, LIC premium, home loan interest, conveyance allowance, etc.
Regards,
SD Patil
From India, Kolhapur
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TDS on Salary is to be deducted by the employer when there is taxable income. When the salary exceeds the Basic exemption limit (Rs. 2,00,000 for FY 2012-13) as per the Income Tax Act, the income becomes taxable. However, while calculating the taxable income, necessary deductions (maximum of Rs. 100,000) have to be taken into consideration from Total Income, such as:
- Insurance Premium
- EPF contribution by Employee or PPF contribution
- Interest on Education loan
- 5 years Tax saving Fixed Deposits/National Savings certificate
- Housing loan principal repaid, etc.
Employers must obtain proofs for these savings/investments.
Regards,
Karthik
From India, Bangalore
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- Insurance Premium
- EPF contribution by Employee or PPF contribution
- Interest on Education loan
- 5 years Tax saving Fixed Deposits/National Savings certificate
- Housing loan principal repaid, etc.
Employers must obtain proofs for these savings/investments.
Regards,
Karthik
From India, Bangalore
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