kumarmhrm
1

Hi All,
One of my friend(Men) joined in small company and he current CTC is Rs.4.8 Lacs.(i.e.40,000)
But after completing one month, he received a salary of Rs.36,000 as a net take home.
In that small company, they dont have any PF/HRA and they deducted 10% as a TDS from the salary.(i.e.36K)
Is this really a correct process and let me know will that TDS can be claimed or not?
Also let me know exact procedure for deduction of TDS?
Waiting for your early response.
Regards,

From India, Hyderabad
korgaonkar k a
2556

Dear Kumarmhrm,
The company is right in deducting TDS from salary if the projected income (taxable) during the FY 2013-14 is above 2 lakhs. Income i.e. Taxable exceeding 2 lakhs up to 5 lakhs falls under the slab of 10%.
In your case, if taxable income is 4.8 lakhs. 10% on exceeding 2 lakhs i.e. 2.8 lakhs comes to 28000 annually. Monthly it comes to 2334. The company should deduct TDS 2334 avg. per month.

From India, Mumbai
sach_001@yahoo.com
19

hi completely agree with mr.keshav. if they are deducting more amount they will refund it at the end of financial year
From India, New Delhi
CA Nilay Shah
21

HI,
The said company must have been deducted TDS @ 10 % on the salary paid and must be showing as consultant in there company and so they can avoid making payment of PF/ESIC etc.
Your friend can claim the said TDS Deducted in his income tax return and can pay the balance amount of income tax payable by him.
In case of any help on the same do mail me else contact me.

From India, Ahmadabad
CA Nilay Shah
21

HI,
The said company must have been deducted TDS @ 10 % on the salary paid and must be showing as consultant in there company and so they can avoid making payment of PF/ESIC etc.
Your friend can claim the said TDS Deducted in his income tax return and can pay the balance amount of income tax payable by him.
In case of any help on the same do mail me else contact me.

From India, Ahmadabad
Rajesh131979
3

Yes,i also agree with you. The said company must have been deducted TDS @ 10 % on the salary paid and must be showing as consultant in there company and so they can avoid making payment of PF/ESIC etc.After end of financial year you should demand your Tds certificate from the said company & you can show this certificate in your income tax return & extra tax deduction will be refund by Income Tax dept.
From India, Barddhaman
Prashantbhingardeve
Hi team,
Am recently join new firm ..I got salay arrount 4 lack CTC..I wanted to know the how much will deduct the TDs amount.. And how will save my tax..because I get first salary arround 18 days but there is no deduction.. Am very scared about second month salary.. I have mediclaim policy ,lic police, and birala sun life insurance policies.. Also my dad and me paying home rent..it is helpful me to save my tax..
Kindly guide us..also we are in planing to take new own home..so home will hell me to save my tax..
Mail id.-prashantb181@gmail.com
Mob no.9833421921

From India, Mumbai
Community Support and Knowledge-base on business, career and organisational prospects and issues - Register and Log In to CiteHR and post your query, download formats and be part of a fostered community of professionals.





Contact Us Privacy Policy Disclaimer Terms Of Service

All rights reserved @ 2024 CiteHR ®

All Copyright And Trademarks in Posts Held By Respective Owners.