Pls brief me about the currect TDS deduction norms for 2014-2015.Require this information for TDS deduction for employees working as HR Manager
From India, New Delhi
From India, New Delhi
Dear Sir,
As per the Section 192, the Employer is required to deduct Tax at source on the amount payable at the average rate of Income Tax.
Rate of Deduction of Tax
In case of individual & HUF (other than II and III below)
(i) Where the total income does not exceed Rs.1,60,000/-. -------- NIL
(ii) Where the total income exceeds Rs.1,60,000/- but does not exceed Rs.5,00,000/-.------ 10% of the amount in access of 1,60,000/-
(iii) Where the total income exceeds Rs.5,00,000/- but does not exceed Rs.8,00,000/-.------- Rs.34,000/- + 20% of the amount by which total income exceeds Rs.5,00,000/-.
(iv) Where the total income exceeds Rs.8,00,000/-.------ Rs.94,000/- + 30% of the amount by which total income exceeds Rs.8,00,000/-.
In case of individual being a woman resident in India and below 65 years at any time during the previous year
(i) Where the total income does not exceed Rs.1,90,000/-.---- -Nil
(ii) Where total income exceeds Rs.1,90,000/- but does not exceed Rs.5,00,000/-.------10% of the amount by which the total income exceeds Rs.1,90,000/-.
(iii) Where the total income exceeds Rs.5,00,000/- but does not exceed Rs.8,00,000/-.-----Rs.31,000/- + 20% of the amount by which total income exceeds Rs.5,00,000/-.
(iv) Where the total income exceeds Rs.8,00,000/-.-------Rs.91,000/- + 30% of the amount by which the total income exceeds Rs.8,00,000/-.
In case of an individual resident who is of the age of 65 years or more at any time during the previous year :-
(i) Where the total income does not exceed Rs.2,40,000/----NIL
(ii) Where the total income exceeds Rs.2,40,000/- but does not exceed Rs.5,00,000/------10% of the amount by which the total income exceeds Rs.2,40,000/-
(iii) Where the total income exceeds Rs.5,00,000/- but does not exceed Rs.8,00,000/- ------ Rs.26,000/- + 20% of the amount by which the total income
exceeds Rs.5,00,000/-
(iv) Where the total income exceeds Rs.8,00,000/- ---------Rs.86,000/- + 30% of the amount by which the total income
exceeds Rs.8,00,000/-
Reference: Income Tax Act 1961, Income Tax Rule 1962, Wealth Tax Act 1957, Wealth Tax Rules 1957
Notifications issued from time to time.
From India, Bhubaneswar
14As per the Section 192, the Employer is required to deduct Tax at source on the amount payable at the average rate of Income Tax.
Rate of Deduction of Tax
In case of individual & HUF (other than II and III below)
(i) Where the total income does not exceed Rs.1,60,000/-. -------- NIL
(ii) Where the total income exceeds Rs.1,60,000/- but does not exceed Rs.5,00,000/-.------ 10% of the amount in access of 1,60,000/-
(iii) Where the total income exceeds Rs.5,00,000/- but does not exceed Rs.8,00,000/-.------- Rs.34,000/- + 20% of the amount by which total income exceeds Rs.5,00,000/-.
(iv) Where the total income exceeds Rs.8,00,000/-.------ Rs.94,000/- + 30% of the amount by which total income exceeds Rs.8,00,000/-.
In case of individual being a woman resident in India and below 65 years at any time during the previous year
(i) Where the total income does not exceed Rs.1,90,000/-.---- -Nil
(ii) Where total income exceeds Rs.1,90,000/- but does not exceed Rs.5,00,000/-.------10% of the amount by which the total income exceeds Rs.1,90,000/-.
(iii) Where the total income exceeds Rs.5,00,000/- but does not exceed Rs.8,00,000/-.-----Rs.31,000/- + 20% of the amount by which total income exceeds Rs.5,00,000/-.
(iv) Where the total income exceeds Rs.8,00,000/-.-------Rs.91,000/- + 30% of the amount by which the total income exceeds Rs.8,00,000/-.
In case of an individual resident who is of the age of 65 years or more at any time during the previous year :-
(i) Where the total income does not exceed Rs.2,40,000/----NIL
(ii) Where the total income exceeds Rs.2,40,000/- but does not exceed Rs.5,00,000/------10% of the amount by which the total income exceeds Rs.2,40,000/-
(iii) Where the total income exceeds Rs.5,00,000/- but does not exceed Rs.8,00,000/- ------ Rs.26,000/- + 20% of the amount by which the total income
exceeds Rs.5,00,000/-
(iv) Where the total income exceeds Rs.8,00,000/- ---------Rs.86,000/- + 30% of the amount by which the total income
exceeds Rs.8,00,000/-
Reference: Income Tax Act 1961, Income Tax Rule 1962, Wealth Tax Act 1957, Wealth Tax Rules 1957
Notifications issued from time to time.
From India, Bhubaneswar
Hii i am attaching the file of tds saving sections for getting full knowledge about the saving of tax from the income. Regards, arpit sharma 09761058808
From India, New Delhi
From India, New Delhi
Dear Richa R. The attached notes will help you to under stand the Salary, TDS etc. in a nutshell and use them updated always for corrections if any. Regards,
From India, Bangalore
From India, Bangalore
Dear Richa, It’s also necessary to know some more thing like "Perquisites", Exemptions, computation of taxable income etc. Attached notes will give you some more infn. on these.
From India, Bangalore
From India, Bangalore
Before proceeding to effect TDS from the employees you should obtain the Tax planning declaration incorporating those items and amounts that every employee planning w.r.t. to other incomes like House Rent, bank interest, dividend etc. which are outside the payroll and likely income tax for the whole year in the month of April itself based on which you should estimate the likely IT computed and determine TDS monthly proportion to deduct from their salary. This should be reviewed and reestimate after completion of 3rd Qr. i.e. in January, the following year and revise the applicable tax based on actuals after obtaining copies relevant savings and revise the TDS to be effected in the last Qr. ie. Jan. to March. You must further confirm by working out the final IT and fully account the TDS or refund for the month of March. Like this if you do the computation systematically you will have no problem.
From India, Bangalore
From India, Bangalore
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AMENDMENT IN TDS RULES.doc
Amendment in Section 192A of the IT Act, 1961- Instructions for deduction of TDS on withdrawal f.pdf