Hi all,
I have to calculate Professional Tax and TDS for this month. I am confused about the calculation. Please help me. My doubts are:
1. Whether Gross Salary includes LOP or not?
2. Whether Professional Tax / TDS is calculated after deducting LOP?
Thank you,
Resmi
From India, Munnar
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I have to calculate Professional Tax and TDS for this month. I am confused about the calculation. Please help me. My doubts are:
1. Whether Gross Salary includes LOP or not?
2. Whether Professional Tax / TDS is calculated after deducting LOP?
Thank you,
Resmi
From India, Munnar
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Hi,
Please kindly understand that irrespective of LOP, you shall be paying a salary for the present days. Therefore, you have to show only present-day salary and calculate profession tax on gross salary only.
Secondly, TDS is calculated on gross salary and not LOP. Therefore, you shall be calculating either TDS or PT on gross salary irrespective of LOP and only on present-day salary.
Hope the doubt is clarified.
Sunil Choughule
From India, Mumbai
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14Please kindly understand that irrespective of LOP, you shall be paying a salary for the present days. Therefore, you have to show only present-day salary and calculate profession tax on gross salary only.
Secondly, TDS is calculated on gross salary and not LOP. Therefore, you shall be calculating either TDS or PT on gross salary irrespective of LOP and only on present-day salary.
Hope the doubt is clarified.
Sunil Choughule
From India, Mumbai
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Yes, it is true, but if an employee joined the company in June and their salary is calculated based on the professional tax slab set by the government, is it necessary for them to pay professional tax for the entire year at the end of March? Is there any extra amount payable in the month of March?
From India, Anjar
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From India, Anjar
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Salary with TDS Calculation-Fin al Amended for net.xls