Hi , Can you Pls explain regarding Tds , how is that deducted and on what basis from employee salary. Rgds, Naina
From India, Bengaluru
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From India, Bengaluru
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Hi Naina,
To deduct the TDS, first, you have to understand the IT Slabs. Income Tax is exempted up to ₹2,50,000, and any employee earning between ₹2,50,000 to ₹5,00,000 is taxed at 10%. Income between ₹5,00,000 to ₹10,00,000 is taxed at 20%, while income above ₹10,00,000 is taxed at 30%.
There are various calculations involved such as HRA Exemption, Medical Allowance, Conveyance Allowance, Housing Loans, Savings, etc. Without knowing these, you can't deduct tax. Generally, the finance team handles these calculations.
Thank you.
From India, Bangalore
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653To deduct the TDS, first, you have to understand the IT Slabs. Income Tax is exempted up to ₹2,50,000, and any employee earning between ₹2,50,000 to ₹5,00,000 is taxed at 10%. Income between ₹5,00,000 to ₹10,00,000 is taxed at 20%, while income above ₹10,00,000 is taxed at 30%.
There are various calculations involved such as HRA Exemption, Medical Allowance, Conveyance Allowance, Housing Loans, Savings, etc. Without knowing these, you can't deduct tax. Generally, the finance team handles these calculations.
Thank you.
From India, Bangalore
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Hi Naina,
Click the link below, which I have posted: https://www.citehr.com/559948-tds-em...-salaries.html
Regards,
Narayan
From India, Hyderabad
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Click the link below, which I have posted: https://www.citehr.com/559948-tds-em...-salaries.html
Regards,
Narayan
From India, Hyderabad
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Responsibilitie s of person who is responsible for deduction of TDS on salary.docx
Monthly Salary Statement - CTC and TDS Calculator.xls