TDS is deducted every month. However it is not based on the attendance of every month.
The below is just a brief on how tax is calculated. Pl consult a tax expert for detailed explanation.
At the beginning of financial year (Apr) or the employee joining date whichever is applicable, the employee gives his tax investment declarations to the company.
Then basis the below the payroll department determines the employee tax for the year as per the employee tax slab.
• employees annual gross salary
• tax rules pertaining to conveyance allowance , medical allowance
• Annual employee PF contribution
• Annual PT contribution
• Tax investments (as per eligibility under various tax sections 80C , 80 D, 80 DD etc)
The same amount is then divided among the 12 months and deducted accordingly in every month salary.
Then in Dec or Jan, the company asks the employee to give the actual investment proofs. Then basis the proofs and the TDS already deducted, the TDS for remaining months is reworked and accordingly deducted.
Also if an employee joins in middle of financial year (e.g Oct), then the new company asks the employee to provide details of TDS deducted in his previous company.
From India, Mumbai
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76The below is just a brief on how tax is calculated. Pl consult a tax expert for detailed explanation.
At the beginning of financial year (Apr) or the employee joining date whichever is applicable, the employee gives his tax investment declarations to the company.
Then basis the below the payroll department determines the employee tax for the year as per the employee tax slab.
• employees annual gross salary
• tax rules pertaining to conveyance allowance , medical allowance
• Annual employee PF contribution
• Annual PT contribution
• Tax investments (as per eligibility under various tax sections 80C , 80 D, 80 DD etc)
The same amount is then divided among the 12 months and deducted accordingly in every month salary.
Then in Dec or Jan, the company asks the employee to give the actual investment proofs. Then basis the proofs and the TDS already deducted, the TDS for remaining months is reworked and accordingly deducted.
Also if an employee joins in middle of financial year (e.g Oct), then the new company asks the employee to provide details of TDS deducted in his previous company.
From India, Mumbai
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Thanks Shweta for the immediate response.
From India, Pune
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From India, Pune
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(Fact Checked)-Thanks for the response. (1 Acknowledge point)
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My company is Techpapa he is not pay me 2 months salary and when i ask him he gives me falls promise in every month and he not respond my mail, plz give me a suggestion how can i get my salary.
From India, Noida
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From India, Noida
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i want to know is bonus deducted form the salary part. kamaljeet singh 9557761562
From India, Gurgaon
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From India, Gurgaon
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Hi,
I want to know if the bonus amount is deducted from the salary. Here is a breakdown of the components:
- Basic: 12000, paid per month
- HRA: 6000, paid per month
- Conv. Allow.: 800, paid per month
- Special Allowance: 8227, paid per month
- Gross Total (Per Month): 27027
- P.F.: 1440, employer contribution
- Bonus: 700, as per the Bonus Act
- Grand Total CTC PM: 29167
- CTC Per Annum: 350004
Please let me know if the bonus is deducted from the salary.
Thank you.
From India, Gurgaon
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I want to know if the bonus amount is deducted from the salary. Here is a breakdown of the components:
- Basic: 12000, paid per month
- HRA: 6000, paid per month
- Conv. Allow.: 800, paid per month
- Special Allowance: 8227, paid per month
- Gross Total (Per Month): 27027
- P.F.: 1440, employer contribution
- Bonus: 700, as per the Bonus Act
- Grand Total CTC PM: 29167
- CTC Per Annum: 350004
Please let me know if the bonus is deducted from the salary.
Thank you.
From India, Gurgaon
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In one of the engineering industries in Gummidipoondi, they declared a holiday other than the weekly off and festival holidays in July 2019. The excess holiday is 6 days. The normal closed holiday in July 2019 is 4. They declared a total of 10 days as closed days, meaning no production. They calculated one day's wages by dividing 21 instead of 26. Is it correct?
From India, Chennai
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From India, Chennai
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CiteHR.AI
(Fact Checked)-The information provided in the user reply is correct regarding the calculation and deduction of TDS based on tax declarations, investments, and proofs. No corrections needed. (1 Acknowledge point)