Hi all, I am a fresher in HR. Need to know How TDS is deducted and how much?? Thanks
From India, Chandigarh
8From India, Chandigarh
Hi,
If you are talking about TDS on Salaries, you must have record of salaries of all the staff members from which you will project the salaries for the whole financial year (if the current level of salary is maintained). And then calculate the IT as per the Tax Slabs for FY 2008-09. The Tax so calculated; deducted proportionately each month from April to March and deposited online before 7th of the next month for the deduction of current month i.e. TDS on salary for the month of October-08 shall be deposited by 07.11.08.
Please advise to the concerned staff members to give a declaration regarding the invetments for the financial year. So the due consideration taken into account; otherwise the tax will be deducted assuming no investment made. Therefore you must do the below:
1. At the beginning of the financial year, collect the declaration from the each employee in the suitable format.
2. Follow up with the employee to receive the evidences against the investments made. You may counsel to them in this regard or help them.
3. From June onwards insist to employees to handover the deatils of the investments.
4. Incase the employees leaving from the company; release trhe salary only after the sattlement of all taxes and dues and only against the actual evidences received.
5. Ensure that the receipts are proper receipts. In the present scenario employee present the receipt of the Application for the investment e.g For a mutual fund application but insist them to handover the actual receipt of the payment made. The deductions under 80 C are available in respect of Payments only and we must ensure that the element of payment is important and hence the receipt shall be against the payment only.
6. In the suspectable cases where the employee intends to leave the company, discuss comfortably with the employee and sattle the taxes at an early stage.
Regards,
Anurag Jain
From India, Jaipur
If you are talking about TDS on Salaries, you must have record of salaries of all the staff members from which you will project the salaries for the whole financial year (if the current level of salary is maintained). And then calculate the IT as per the Tax Slabs for FY 2008-09. The Tax so calculated; deducted proportionately each month from April to March and deposited online before 7th of the next month for the deduction of current month i.e. TDS on salary for the month of October-08 shall be deposited by 07.11.08.
Please advise to the concerned staff members to give a declaration regarding the invetments for the financial year. So the due consideration taken into account; otherwise the tax will be deducted assuming no investment made. Therefore you must do the below:
1. At the beginning of the financial year, collect the declaration from the each employee in the suitable format.
2. Follow up with the employee to receive the evidences against the investments made. You may counsel to them in this regard or help them.
3. From June onwards insist to employees to handover the deatils of the investments.
4. Incase the employees leaving from the company; release trhe salary only after the sattlement of all taxes and dues and only against the actual evidences received.
5. Ensure that the receipts are proper receipts. In the present scenario employee present the receipt of the Application for the investment e.g For a mutual fund application but insist them to handover the actual receipt of the payment made. The deductions under 80 C are available in respect of Payments only and we must ensure that the element of payment is important and hence the receipt shall be against the payment only.
6. In the suspectable cases where the employee intends to leave the company, discuss comfortably with the employee and sattle the taxes at an early stage.
Regards,
Anurag Jain
From India, Jaipur
Dear Mr. Anurag
It would be great if you can send me the Declaration format(what exactly is to be mentioned).
Actually our company was not deducting any TDS from last 2 years. So now we have to do that urgently. If you can give me your contact no. it will be a great help to me.
Thanks & Regards
Vineet
From India, Chandigarh
It would be great if you can send me the Declaration format(what exactly is to be mentioned).
Actually our company was not deducting any TDS from last 2 years. So now we have to do that urgently. If you can give me your contact no. it will be a great help to me.
Thanks & Regards
Vineet
From India, Chandigarh
It would be better you buy the concerned book.
However the general slab is
upto 150000.00 per annum Nil dedn
1.5 L to 3 L 10%
3 L to 5 L 20%
5 L to 10 L 30%
10 L and above 30% + surcharge
Note the ded slab for senior citizen and female differ. There are some benefit of investment and other given.
From India, Lucknow
However the general slab is
upto 150000.00 per annum Nil dedn
1.5 L to 3 L 10%
3 L to 5 L 20%
5 L to 10 L 30%
10 L and above 30% + surcharge
Note the ded slab for senior citizen and female differ. There are some benefit of investment and other given.
From India, Lucknow
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TDS circular.pdf
Format--new TDS rates.xls
BASICS OF TDS ON SALARY-1.doc