Hi, I want to know about the tds calculation. Pls anybody explain the tds slab rate with detail example.
From India, Bangalore
2From India, Bangalore
Dear Sir,
TDS means Tax deductible at source when payment made on taxable source.
For eg: Rent paid, Salary paid and professional services all are taxable income in the hands of recipient but if it goes above the taxable limit.
Rent received Rs.1,80,000/- and above for a year is taxable income. So we have deduct to TDS 10% on the rent paid, before we are paying rent to the owner of the building. If the rent paid is below Rs.1,80,000/- no TDS to be deducted.
The chart is forwarded for your kind attention please. For any clarification, please write your specific query.
With Regards,
C.Renuka
From India, Madras
TDS means Tax deductible at source when payment made on taxable source.
For eg: Rent paid, Salary paid and professional services all are taxable income in the hands of recipient but if it goes above the taxable limit.
Rent received Rs.1,80,000/- and above for a year is taxable income. So we have deduct to TDS 10% on the rent paid, before we are paying rent to the owner of the building. If the rent paid is below Rs.1,80,000/- no TDS to be deducted.
The chart is forwarded for your kind attention please. For any clarification, please write your specific query.
With Regards,
C.Renuka
From India, Madras
Dear Sir,
Any income from Taxable sources are to be deducted with tax and to be paid to IT department. If your having own house and receiveing rent above the slab mentioned in the chart, you have to deduct TDS. Tds on rental income is vast topic and pls let us know,
what is your income from business or employment, rental income, rent paid, spouse income, business from other sources etc... Better, you can contact nearby chartered / cost account and by having professional opinion, you would same more pls...
With Regards,
C.Renuka
From India, Madras
Any income from Taxable sources are to be deducted with tax and to be paid to IT department. If your having own house and receiveing rent above the slab mentioned in the chart, you have to deduct TDS. Tds on rental income is vast topic and pls let us know,
what is your income from business or employment, rental income, rent paid, spouse income, business from other sources etc... Better, you can contact nearby chartered / cost account and by having professional opinion, you would same more pls...
With Regards,
C.Renuka
From India, Madras
Hi Seniors, Can Any one give me the Service tax Charges, I found some Travel (Cab ) Charging less taxes. Kindly send me the Chart for service tax. Rgds A Krishnamoorthy
From India, Madras
From India, Madras
Dear Sir, Good Morning... To get prompt answer for your query, kindly start your query with new thread please. With Regards, C.Renuka
From India, Madras
From India, Madras
5 Easy Steps to Calculate your Tax
Calculating income tax is not any rocket science. The following 5 steps give you an idea of the process.
1. Calculate your gross total income. This includes gross income from Form 16; and the taxable income from other sources.
2. Calculate your net deductions, which may include, donations, investments and savings such as provident fund subscriptions, Life Insurance Premiums etc.
3. Your net taxable income is gross total income minus net deductions.
4. Apply the appropriate income tax slab to calculate your tax payable on aggregate income.
5. Education Cess of 3% (2% education cess and 1% Higher education cess) is applied on the tax payable to arrive at the total tax payable. Relief under various sections would be applied on this total tax.
orlando vacation
From India, Delhi
Calculating income tax is not any rocket science. The following 5 steps give you an idea of the process.
1. Calculate your gross total income. This includes gross income from Form 16; and the taxable income from other sources.
2. Calculate your net deductions, which may include, donations, investments and savings such as provident fund subscriptions, Life Insurance Premiums etc.
3. Your net taxable income is gross total income minus net deductions.
4. Apply the appropriate income tax slab to calculate your tax payable on aggregate income.
5. Education Cess of 3% (2% education cess and 1% Higher education cess) is applied on the tax payable to arrive at the total tax payable. Relief under various sections would be applied on this total tax.
orlando vacation
From India, Delhi
Dear Friend,
I agree with your view that this is not a rocket science but getting professionals opinion on the allowable deductions, limits for the deductions, period of expense, age, gender, living place, no.of houses the assess having and so many other details should be taken into account.
With Regards,
C.Renuka
From India, Madras
I agree with your view that this is not a rocket science but getting professionals opinion on the allowable deductions, limits for the deductions, period of expense, age, gender, living place, no.of houses the assess having and so many other details should be taken into account.
With Regards,
C.Renuka
From India, Madras
Dear Monu
Please see the below Salary TDS Calc
01.For eg CTC is 700000 pls see the calculations below
02. CTC Structure
Basic 29,167.00
HRA 11,667.00
Con 800.00
Medical 1,250.00
Food Coupns 1,250.00
Spe. Allow 10,499.00
PF 3,500.00
PT 200.00
Total 58,333.00
03. TDS Calculation
Total 655596
Less HRA Under three cond which ever is least 140004
515592
Less: Tax on Emp 2400
513192
Less: Interest on Housing loan 40000
473192
Less: Deductions Under chapter VIA
Provident Fund 42000
Life Insurance 5000
Housing Laon Principal 7500
NSC VIII Issue 2500
Tution Fee 12500
Public Provident Fund 5000
Fixed Deposit 10000
ULIP 15500 100000
373192
upto 1,90,000 Nil 190000
1,90,000 to 5,00,000 10% 183192
Tax on salary Income 18319
Add: Education Cess 366
Total Tax 18685
Tax P.M 1557
For this employee per month Tax is Rs 1557/-
If you have any doubt pls mail me
V.V.N.Suresh
Mangar-Payroll
From India, Hyderabad
Please see the below Salary TDS Calc
01.For eg CTC is 700000 pls see the calculations below
02. CTC Structure
Basic 29,167.00
HRA 11,667.00
Con 800.00
Medical 1,250.00
Food Coupns 1,250.00
Spe. Allow 10,499.00
PF 3,500.00
PT 200.00
Total 58,333.00
03. TDS Calculation
Total 655596
Less HRA Under three cond which ever is least 140004
515592
Less: Tax on Emp 2400
513192
Less: Interest on Housing loan 40000
473192
Less: Deductions Under chapter VIA
Provident Fund 42000
Life Insurance 5000
Housing Laon Principal 7500
NSC VIII Issue 2500
Tution Fee 12500
Public Provident Fund 5000
Fixed Deposit 10000
ULIP 15500 100000
373192
upto 1,90,000 Nil 190000
1,90,000 to 5,00,000 10% 183192
Tax on salary Income 18319
Add: Education Cess 366
Total Tax 18685
Tax P.M 1557
For this employee per month Tax is Rs 1557/-
If you have any doubt pls mail me
V.V.N.Suresh
Mangar-Payroll
From India, Hyderabad
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