hi members ,
till now i come to know that every company has got there own computation according to the industries . but none have given or prcribe the how TDS can be deducted as every employee declare there saving at the last month of every finacial year . actual positions / otherwise everyone has got there own ideas to save the tax ok .
my direct question is wat is tax rate of tds on salary slabwise ?
:confused:
From India, Delhi
till now i come to know that every company has got there own computation according to the industries . but none have given or prcribe the how TDS can be deducted as every employee declare there saving at the last month of every finacial year . actual positions / otherwise everyone has got there own ideas to save the tax ok .
my direct question is wat is tax rate of tds on salary slabwise ?
:confused:
From India, Delhi
Dear Sukanya
1) LTC or LTA is applicable for every industry.
2) as per the Income tax it can be carried forwarded to next year, since company forms policies on this they might restrict it ( if the organisation is BIG it will be difficult for them to track the same, since there will be lot of attrition in service industry it is better to be paid out during year end and taxed instead of carry forwarding the same.
Carryforward or payment( taxable in case on not claiming the same) will purly depend on Company policy.
3)LTC/LTA is not taxed at employees hands( Exemptions under Sec 10(..), it also does not form part of Fringe benefit taxation hence employer will also not be taxed. you can go ahead with adding this component to the CTC of employees employer is not taxed for LTA.
Regards
rajeev
From India, Bangalore
1) LTC or LTA is applicable for every industry.
2) as per the Income tax it can be carried forwarded to next year, since company forms policies on this they might restrict it ( if the organisation is BIG it will be difficult for them to track the same, since there will be lot of attrition in service industry it is better to be paid out during year end and taxed instead of carry forwarding the same.
Carryforward or payment( taxable in case on not claiming the same) will purly depend on Company policy.
3)LTC/LTA is not taxed at employees hands( Exemptions under Sec 10(..), it also does not form part of Fringe benefit taxation hence employer will also not be taxed. you can go ahead with adding this component to the CTC of employees employer is not taxed for LTA.
Regards
rajeev
From India, Bangalore
HI,
Income tax calcualations is common it does not differ from companies to companies( calcualations will remain the same since there are Specific sections & exeptions where in all companies has to follow it).
Every company has their own salary structure & taxes will be calcuated based upon their Total gross income.
tax rates for the current FY is
Net taxable income( after all deductions & exemptions from respective sec)
Taxable income slab (Rs.) Rate (%)Up to 1,50,000- nil
Up to 1,80,000 (for women)-nil
Up to 2,25,000 (for resident individual of 65 years or above)NIL
1,50,001 – 3,00,000-10%
3,00,001 – 5,00,000 -20&
5,000,001 upwards 30%
A surcharge of 10 per cent of the total tax liability is applicable where the total income exceeds Rs 1,000,000.
Education cess is applicable @ 3 per cent on income tax, inclusive of surcharge if there is any.
Regards
rajeev
From India, Bangalore
Income tax calcualations is common it does not differ from companies to companies( calcualations will remain the same since there are Specific sections & exeptions where in all companies has to follow it).
Every company has their own salary structure & taxes will be calcuated based upon their Total gross income.
tax rates for the current FY is
Net taxable income( after all deductions & exemptions from respective sec)
Taxable income slab (Rs.) Rate (%)Up to 1,50,000- nil
Up to 1,80,000 (for women)-nil
Up to 2,25,000 (for resident individual of 65 years or above)NIL
1,50,001 – 3,00,000-10%
3,00,001 – 5,00,000 -20&
5,000,001 upwards 30%
A surcharge of 10 per cent of the total tax liability is applicable where the total income exceeds Rs 1,000,000.
Education cess is applicable @ 3 per cent on income tax, inclusive of surcharge if there is any.
Regards
rajeev
From India, Bangalore
Hi, I am new to the forum and I need help with the salary breakdown. Can someone help me by showing me the most tax friendly salary package for CTC of 15 lakhs? Thank you Sue
From United Kingdom, London
From United Kingdom, London
Please provide information as follows for one day as per central government rules in madhya pradesh for B & C zone
Basic. 231 b zone & 186 for c zone
EPF. employee contribution
EPF Employer contribution
ESIC employee contribution
ESIC employer contribution
Workman compensation for Zone 'C' for each employee
January days are 31
February days are 26
From India, Mumbai
Basic. 231 b zone & 186 for c zone
EPF. employee contribution
EPF Employer contribution
ESIC employee contribution
ESIC employer contribution
Workman compensation for Zone 'C' for each employee
January days are 31
February days are 26
From India, Mumbai
Please provide information as follows for one day as per central government rules in madhya pradesh for B & C zone
Basic. 231 b zone & 186 for c zone
EPF. employee contribution
EPF Employer contribution
ESIC employee contribution
ESIC employer contribution
Workman compensation for Zone 'C' for each employee
January days are 31
February days are 28
Rajendra
9699929091
From India, Mumbai
Basic. 231 b zone & 186 for c zone
EPF. employee contribution
EPF Employer contribution
ESIC employee contribution
ESIC employer contribution
Workman compensation for Zone 'C' for each employee
January days are 31
February days are 28
Rajendra
9699929091
From India, Mumbai
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Salary-Note.doc
SALARY SHEET CALCULATION.xls