Hi Friends, can anyone give some clarification on TDS? My current employer deducted some amount as TDS from my income. Is there any percentage for TDS deduction, and if so, is it from gross/net/basic? For example, if I get a monthly income of 35k, out of which 9k is basic, 6k is HRA, and the rest is service allowance, then what will be the TDS deduction and on what basis are they deducting it? Will it be considered during the IT returns? If there is an excess amount deducted, what should I do? Additionally, I need some ideas for tax exemption.
Regards, Kailash Manani
From India, Pune
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Regards, Kailash Manani
From India, Pune
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Clarification on TDS Deduction
Can anyone give some clarification on TDS? My current employer deducted some amount as TDS from my income. Is there any percentage for TDS deduction, and if so, is it from gross/net/basic? For example, if I get a monthly income of 35k where 9k is basic, 6k is HRA, and the rest are as service allowance, what will be the TDS deduction and on what basis are they deducting it? Will it be considered during the IT returns? If an excess amount is deducted, what should I do? Also, I need some ideas for tax exemption.
Regards
From India, Brahmapur
Acknowledge(0)Amend(0)
Can anyone give some clarification on TDS? My current employer deducted some amount as TDS from my income. Is there any percentage for TDS deduction, and if so, is it from gross/net/basic? For example, if I get a monthly income of 35k where 9k is basic, 6k is HRA, and the rest are as service allowance, what will be the TDS deduction and on what basis are they deducting it? Will it be considered during the IT returns? If an excess amount is deducted, what should I do? Also, I need some ideas for tax exemption.
Regards
From India, Brahmapur
Acknowledge(0)Amend(0)
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