Dear members,
please help me about tds.i have join new co. In last month.there is no salary structure.company want to deduct tds of employees every month.
Director has said to me to provide employees details who are coming under tds .
So please tell me
1. What is tds?
2. What breakup should me made of each employees's salary?
3.how can i know that who is cover under tds deduction?
4. How can a employee save his tds deduction from salary?
Please reply me soon it is very urgent.
Thanks in advance please reply.
Lokesh
From India, Delhi
9please help me about tds.i have join new co. In last month.there is no salary structure.company want to deduct tds of employees every month.
Director has said to me to provide employees details who are coming under tds .
So please tell me
1. What is tds?
2. What breakup should me made of each employees's salary?
3.how can i know that who is cover under tds deduction?
4. How can a employee save his tds deduction from salary?
Please reply me soon it is very urgent.
Thanks in advance please reply.
Lokesh
From India, Delhi
1. What is tds? Its a PRofessional tax on service
2. What breakup should me made of each employees's salary?- Break up is statewise different. And Monthly deductions
3.how can i know that who is cover under tds deduction? Based on Gross earnings for TDS deduction even workers are also eligible for tds deductions.
4. How can a employee save his tds deduction from salary? income tax can be saved But tds as professional tax must be deducted from working employees and contract workers as well.
From India, Ahmadabad
2. What breakup should me made of each employees's salary?- Break up is statewise different. And Monthly deductions
3.how can i know that who is cover under tds deduction? Based on Gross earnings for TDS deduction even workers are also eligible for tds deductions.
4. How can a employee save his tds deduction from salary? income tax can be saved But tds as professional tax must be deducted from working employees and contract workers as well.
From India, Ahmadabad
1) TDS is tax deducted from employees salary for those employees who cross the below tax exemption limit.
For male employees for this year FY 2011-2012, it is Rs. 180000/-
For female it is Rs. 190000/-
2) You can make simple break up as:
Basic 50% of gross
HRA 25% of basic
Conveyance Rs. 800/-
Medical Rs. 1250/-
Other allowance – Remaining figure from gross
3) Take salary of each employee from April 2011 till Dec 2011, consider the salary for Jan, Feb & March 2012- same as for Dec 2011,
After doing this you will get total gross.
From this gross, you deduct hra,conveyance, medical, pf and pf, you will get remaining gross.
If this gross is more than exemption limit, then the employee will come under TDS.
4) Suppose from above 3) working Rs. 1,50,000/- is the TDS deduction,
Then if the employee has done investment in LIC, PPF, HOME LOAN- principal repayment etc (this will come under section 80 c), or in LIC pension fund under sec 80 ccc, - under section 80 C& 80 CCC, the maximum investment can be Rs. 1,00,000--/-
Under sec 80 d – mediclaim – it is Rs. 15,000/- per year
Under sec 80 G donation-
If employees investment in all this is Rs. 1,25,000/-,
Then Rs. 25,000/- (remaining amt) + 3% cess will be deducted from his salary either together in the remaining month Jan, feb or if the company and employee have made the calculation in the beginning of the year, then from April -2011 itself proportionately.
Hope the above explanation has somewhat given you the idea.
Do confidently, every one new to this are confused, take help from cite HR, or after talking to your MD, hire any TAX consulatant for this year.
From India, Thana
For male employees for this year FY 2011-2012, it is Rs. 180000/-
For female it is Rs. 190000/-
2) You can make simple break up as:
Basic 50% of gross
HRA 25% of basic
Conveyance Rs. 800/-
Medical Rs. 1250/-
Other allowance – Remaining figure from gross
3) Take salary of each employee from April 2011 till Dec 2011, consider the salary for Jan, Feb & March 2012- same as for Dec 2011,
After doing this you will get total gross.
From this gross, you deduct hra,conveyance, medical, pf and pf, you will get remaining gross.
If this gross is more than exemption limit, then the employee will come under TDS.
4) Suppose from above 3) working Rs. 1,50,000/- is the TDS deduction,
Then if the employee has done investment in LIC, PPF, HOME LOAN- principal repayment etc (this will come under section 80 c), or in LIC pension fund under sec 80 ccc, - under section 80 C& 80 CCC, the maximum investment can be Rs. 1,00,000--/-
Under sec 80 d – mediclaim – it is Rs. 15,000/- per year
Under sec 80 G donation-
If employees investment in all this is Rs. 1,25,000/-,
Then Rs. 25,000/- (remaining amt) + 3% cess will be deducted from his salary either together in the remaining month Jan, feb or if the company and employee have made the calculation in the beginning of the year, then from April -2011 itself proportionately.
Hope the above explanation has somewhat given you the idea.
Do confidently, every one new to this are confused, take help from cite HR, or after talking to your MD, hire any TAX consulatant for this year.
From India, Thana
Dear Lokesh / bhardwaj,
Use this calculator for TDS calculation.
Answers to your queries
1. What is tds?
Tax Deducted from Source(Salary). In an organisation the employees whose salary is higher than the the Tax exemption amount has to be deducted in the salary. For Men(upto 60 yrs - 1,80,000 LPA, Women - 1,90,000 LPA, Senior Citizen - 2,50,000 LPA(Above 60 yrs)) & 5,00,000 LPA(Above 80yrs))
2. What breakup should me made of each employees's salary?
It is calculated annually and divided into 12 months. some people ask to deduct the TDS totak amount in Dec - march salary.
3.how can i know that who is cover under tds deduction?
Any person whose salary exceeds Rs.1,80,000/-(Men)/ annum or 1,90,000(Women)/ annum is not exempted from tax. So it should be calculated accordingly.
4. How can a employee save his tds deduction from salary?
The employee can save his Tax by showing investments like LIC, infrastructure bonds, NSC, KVP etc or payment Like Rent, Housing Loan Interest, Children Tution fees, Mediclaim.
Normally Tax comes under the heads like 80C, 80 D, 80 E, 80 G,..etc
Form more details you can visit IT Department Site
itax
From India, Mumbai
Use this calculator for TDS calculation.
Answers to your queries
1. What is tds?
Tax Deducted from Source(Salary). In an organisation the employees whose salary is higher than the the Tax exemption amount has to be deducted in the salary. For Men(upto 60 yrs - 1,80,000 LPA, Women - 1,90,000 LPA, Senior Citizen - 2,50,000 LPA(Above 60 yrs)) & 5,00,000 LPA(Above 80yrs))
2. What breakup should me made of each employees's salary?
It is calculated annually and divided into 12 months. some people ask to deduct the TDS totak amount in Dec - march salary.
3.how can i know that who is cover under tds deduction?
Any person whose salary exceeds Rs.1,80,000/-(Men)/ annum or 1,90,000(Women)/ annum is not exempted from tax. So it should be calculated accordingly.
4. How can a employee save his tds deduction from salary?
The employee can save his Tax by showing investments like LIC, infrastructure bonds, NSC, KVP etc or payment Like Rent, Housing Loan Interest, Children Tution fees, Mediclaim.
Normally Tax comes under the heads like 80C, 80 D, 80 E, 80 G,..etc
Form more details you can visit IT Department Site
itax
From India, Mumbai
I am Mr. Austin, a private money lender. I give out loans with an interest rate of 3% per annual and within the amount of $1000.00 to $500,000,000.00 as the loan offer. 100% Project Funding with secured and unsecured loans are available. We are guaranteed in giving out financial services to our numerous clients all over the world. With our flexible lending packages, loans can be processed and funds transferred to the borrower within the shortest time possible. We operate under clear and understandable terms and we offer loans of all kinds to interested clients, firms, companies, and all kinds of business organizations, private individuals and real estate investors. Just complete the form below and get back to us as we expect your swift and immediate response. EMAIL : austinloan12@outlook.com
Attention!!!
Do you have a bad credit?
Do you need money to pay bills?
Do you need to start up a new business?
Do you have unfinished project at hand due to bad financing?
Do you need money to invest in some area of specialization which will profit you? and you don’t know what to do.
We offer the following loans below,
personal loans[secure and unsecured]
business loans[secure and unsecured]
combination loans
students loans
consolidation loans and so many others.
1. Full Names:……………………….
2. Contact Address:…………………..
3. Loan Amount Needed:………………..
4. Duration of the Loan……………….
5. Direct Telephone Number:……………..
Email austingiftcompany1@gmail.com
Best Regards,
Mr Austin,
Attention!!!
Do you have a bad credit?
Do you need money to pay bills?
Do you need to start up a new business?
Do you have unfinished project at hand due to bad financing?
Do you need money to invest in some area of specialization which will profit you? and you don’t know what to do.
We offer the following loans below,
personal loans[secure and unsecured]
business loans[secure and unsecured]
combination loans
students loans
consolidation loans and so many others.
1. Full Names:……………………….
2. Contact Address:…………………..
3. Loan Amount Needed:………………..
4. Duration of the Loan……………….
5. Direct Telephone Number:……………..
Email austingiftcompany1@gmail.com
Best Regards,
Mr Austin,
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.