For males,
1,60,001 to 3,00,000 10%
3,00,001 to 5,00,000 20%
5,00,001 & above 30%
for females
1,90,001 to 3,00,000 10%
3,00,001 to 5,00,000 20%
5,00,001 & above 30%
for senior citizens (above 65 years)
2,40,001 to 3,00,000 10%
3,00,001 to 5,00,000 20%
5,00,001 & above 30%
under 80C MAXIMUM LIMIT 1,00,000/-
80D 20,000(Medical insurance premium)
80DD 1,00,000 (Medical traetmet for dependant on handicapped person)
80DDB 50,000 (Specified deceases only)
80E Laon for education (i.e there is no intrest on loan & pricipal loan)
80G Charitable trust fund (10% of basic salary)
HOUSE RENT PAID MAXIMIM PER MONTH 3,000 & aBOVE 3,000 EMPLOYEE HAS TO SUBMIT RENT BILLS
Conveyence it's depents on the employee working months(per month 800 only)
From India, Hyderabad
41,60,001 to 3,00,000 10%
3,00,001 to 5,00,000 20%
5,00,001 & above 30%
for females
1,90,001 to 3,00,000 10%
3,00,001 to 5,00,000 20%
5,00,001 & above 30%
for senior citizens (above 65 years)
2,40,001 to 3,00,000 10%
3,00,001 to 5,00,000 20%
5,00,001 & above 30%
under 80C MAXIMUM LIMIT 1,00,000/-
80D 20,000(Medical insurance premium)
80DD 1,00,000 (Medical traetmet for dependant on handicapped person)
80DDB 50,000 (Specified deceases only)
80E Laon for education (i.e there is no intrest on loan & pricipal loan)
80G Charitable trust fund (10% of basic salary)
HOUSE RENT PAID MAXIMIM PER MONTH 3,000 & aBOVE 3,000 EMPLOYEE HAS TO SUBMIT RENT BILLS
Conveyence it's depents on the employee working months(per month 800 only)
From India, Hyderabad
Dear Friends,
The above quote is quite informative.
I just wanted to confirm if the TDS should be deducted from the first month of the joining the organisation or only once an employee is confirmed. Secondly If TDS is deducted in the probation period then is is calculated on actual or on the annual gross salary. Wish to have some good feeds from you all.
Thanks
From India, New Delhi
The above quote is quite informative.
I just wanted to confirm if the TDS should be deducted from the first month of the joining the organisation or only once an employee is confirmed. Secondly If TDS is deducted in the probation period then is is calculated on actual or on the annual gross salary. Wish to have some good feeds from you all.
Thanks
From India, New Delhi
Dear Friend, TDS is deducted every month from gross salary irrespective whether in probation or permanent. This is as per my knowledge. Plz correct me seniors if am wrong. Regards, Swati
From India, Pune
From India, Pune
Dear Swati,
TDS is calculated on employees bonus,incentive and performance pay and employee should come under income tax basket.
Slab Rates for TDS is different then that of income tax.
It is common for Men,Women and senior citizens
160001 - 300000 10.3%
300001 - 500000 20.6%
500001 & above 30.9%
As per income tax deduction if an employee produce investment proof then only he/she is entitled for deduction under
under sec 24 B :150000/- int on housing loan per Annam (pa)
under 80C MAXIMUM LIMIT 1,00,000/-pa
80D Medical insurance premium Max is 15000/- and if employee has dependent parents then 15000/- total max limit 30000/-pa
and if parents is senior citizen then instead of 15 k it will be 20k then the max limit will be 35000/- pa.
80DD 1,00,000 (Medical treatment for dependent on handicapped person)
80DDB 50,000 (Specified deceases only)
80E Laon for education (i.e there is no interest on loan & principal loan)
80G Charitable trust fund (10% of basic salary)
HOUSE RENT PAID MAXIMUM PER MONTH 3,000 & above 3,000 EMPLOYEE HAS TO SUBMIT RENT BILLS
Conveyance's depends on the employee working months(per month 800 only)
From India, Pune
TDS is calculated on employees bonus,incentive and performance pay and employee should come under income tax basket.
Slab Rates for TDS is different then that of income tax.
It is common for Men,Women and senior citizens
160001 - 300000 10.3%
300001 - 500000 20.6%
500001 & above 30.9%
As per income tax deduction if an employee produce investment proof then only he/she is entitled for deduction under
under sec 24 B :150000/- int on housing loan per Annam (pa)
under 80C MAXIMUM LIMIT 1,00,000/-pa
80D Medical insurance premium Max is 15000/- and if employee has dependent parents then 15000/- total max limit 30000/-pa
and if parents is senior citizen then instead of 15 k it will be 20k then the max limit will be 35000/- pa.
80DD 1,00,000 (Medical treatment for dependent on handicapped person)
80DDB 50,000 (Specified deceases only)
80E Laon for education (i.e there is no interest on loan & principal loan)
80G Charitable trust fund (10% of basic salary)
HOUSE RENT PAID MAXIMUM PER MONTH 3,000 & above 3,000 EMPLOYEE HAS TO SUBMIT RENT BILLS
Conveyance's depends on the employee working months(per month 800 only)
From India, Pune
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PMRPY-DEDUCTION -SOLUTION.xls