22 May 2017
For salary tds is deducted based on net taxable income after considering deduction u/s 10 HRA, CA, MA etc, deduct PT Arrive Taxable income from salary deduct chapter VI A saving like Tuition Fees, Employee PF, Housing Loan principal, Mediclaim policy deduction etc, if Net salary income False within Five lakh TDS to be deducted @ 10% after considering exemption Rs.250000/- Additional rebate u/s 87A Rs.5000/- for Ay 2017-18, if Taxable income exceed above five lakh 87A Rebate not applicable TDS to be calculated upto 5lakh 10% exclude Minimum exemption Rs.250000/- Tax should be calculated on balance Rs.250000/-, Above 5 lakhs @20% and above 10 Lakh tax to be calculated @30%
TAX to be arrived considering declarations of saving, same can be spread taxable period. During Dec obtain all documents support to saving as per declaration.
CAclubindia
