Dear Seniors,
I've been appointed in a company on fixed tenure contract for 2 years and my package is 2 lacs per annum, now i want to know what would be the TDS deduction on my salary.
kindly let me know at the earliest
thanks,
Hema
From India, Bangalore
1I've been appointed in a company on fixed tenure contract for 2 years and my package is 2 lacs per annum, now i want to know what would be the TDS deduction on my salary.
kindly let me know at the earliest
thanks,
Hema
From India, Bangalore
Hema,
You will not have any TDS. As per the new IT slab for the financial year 2008-2009 upto 1.8L per annum there would not be any IT deductions for female employees. If u produce receipt for HRA(House Rent Allowance) then it would be considered as reimbursement. So u would fall below 1.8L slab.
From India, New Delhi
You will not have any TDS. As per the new IT slab for the financial year 2008-2009 upto 1.8L per annum there would not be any IT deductions for female employees. If u produce receipt for HRA(House Rent Allowance) then it would be considered as reimbursement. So u would fall below 1.8L slab.
From India, New Delhi
Hi Prathima,
Thanks 4 ur suggestion, the IT slabs which you mentioned is for the female employees, who is on a permanent roll, what about me, I'm directly appointed thru the company but on fixed contract tenure for 2 years, will i also be having the same slabs. kindly clear my doubts, Pls don't mistake me.
Thanks,
Hema
From India, Bangalore
Thanks 4 ur suggestion, the IT slabs which you mentioned is for the female employees, who is on a permanent roll, what about me, I'm directly appointed thru the company but on fixed contract tenure for 2 years, will i also be having the same slabs. kindly clear my doubts, Pls don't mistake me.
Thanks,
Hema
From India, Bangalore
It is same for everyone. Only for those who are in consulting mode will have a tax deduction of 10.3% flat. But in ur case there would not be any tax deductions.
From India, New Delhi
From India, New Delhi
Hi Hema,
Does not matter whether it is for fixed term employment or permanent employment. TDS liability depends upon whether it is Consulting engagement (to qualify for 10% TDS) or in the nature of employer-employee relationship.
In your case, prima-facie it look like it is employer-employee relationship so TDS shall be deducted u/s 192 of income tax act
Regarding HRA deduction suggested by another group member, that will be allowed only if your compensation and allowance break-up from company has HRA element in it.
Besides, there are other exempt / FBT allowances also which will lower your burden of TDS. So final calculation will depend upon the structure of compensation you are getting. Given the structure is planned wisely, 2 lakhs CTC p.a. should not attract a single penny TDS.
Regards,
CA Rajat Mehta
From India, Lucknow
Does not matter whether it is for fixed term employment or permanent employment. TDS liability depends upon whether it is Consulting engagement (to qualify for 10% TDS) or in the nature of employer-employee relationship.
In your case, prima-facie it look like it is employer-employee relationship so TDS shall be deducted u/s 192 of income tax act
Regarding HRA deduction suggested by another group member, that will be allowed only if your compensation and allowance break-up from company has HRA element in it.
Besides, there are other exempt / FBT allowances also which will lower your burden of TDS. So final calculation will depend upon the structure of compensation you are getting. Given the structure is planned wisely, 2 lakhs CTC p.a. should not attract a single penny TDS.
Regards,
CA Rajat Mehta
From India, Lucknow
Hi,
If it is employer-employee relationship, they surely would give you salary slip
And obviously choice is yours whether to get the cheque or direct credit in your bank account.
However, if company has strict policy of crediting to your account, they would normally not entertain request for cheque (unless for genuine reason e.g. problems and delays in opening bank account)
From India, Lucknow
If it is employer-employee relationship, they surely would give you salary slip
And obviously choice is yours whether to get the cheque or direct credit in your bank account.
However, if company has strict policy of crediting to your account, they would normally not entertain request for cheque (unless for genuine reason e.g. problems and delays in opening bank account)
From India, Lucknow
Hi,
Pls also let me know how about my attendance, will i be getting the ID card and Bcard, my head office is in Mumbai before I ask them I would like to know all these details. other staffs at Blr office, get their Attendance sheet from Mum hr dept, where they mark the nos of days present and absent, that's why i would like to first check with you and then contact my Mumbai office.
Thanks
From India, Bangalore
Pls also let me know how about my attendance, will i be getting the ID card and Bcard, my head office is in Mumbai before I ask them I would like to know all these details. other staffs at Blr office, get their Attendance sheet from Mum hr dept, where they mark the nos of days present and absent, that's why i would like to first check with you and then contact my Mumbai office.
Thanks
From India, Bangalore
Every organization has a procedure. I suggest if u have a HR department in ur local branch then contact them. They would be the right person to explain. Incase u dont have any such department here then u better contact ur head office for the details of ur Id / Visiting / bank a/c and stuff. If you had an induction program then they would have explained you in detail about the process.
From India, New Delhi
From India, New Delhi
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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