how to deduct tds on salary

This query is : Resolved

Report Abuse Follow Query Ask a Query

SUNIL KUMAR

SUNIL KUMAR (Querist)
Follow

13 February 2010 how to deduct tds on salary what is the current slab of deduction

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
Follow

13 February 2010 you need to calculate the total income & tax laiability of the employee and deduct average monthly the slab for AY 2010-11

Taxability for Male below 65 years
From upto Tax
Net Total Income or Taxable Income 0 165000 Nil
Net Total Income or Taxable Income 165001 300000 10%
Net Total Income or Taxable Income 300001 500000 13500+20%
Net Total Income or Taxable Income 500001 all 53500+30%

Taxability for Female below 65 years
From upto Tax
Net Total Income or Taxable Income 0 195000 Nil
Net Total Income or Taxable Income 195001 300000 10%
Net Total Income or Taxable Income 300001 500000 10500+20%
Net Total Income or Taxable Income 500001 all 50500+30%

Taxability for Male & Female More than 65 years

From upto Tax
Net Total Income or Taxable Income 0 240000 Nil
Net Total Income or Taxable Income 240001 300000 10%
Net Total Income or Taxable Income 300001 500000 6000+20%
Net Total Income or Taxable Income 500001 all 26000+30%

CA Prashant Gupta

CA Prashant Gupta (Expert)
Follow

13 February 2010 agree with expert
one more thing you can change TDS on salary amount every month. So you can deduct less TDS in first 6 month and more in next 6 months or change it any proporion which you want. This is only for salary TDS not for any TDS

Upgrade to CAclubindia Pro. Subscribe Now!

CA Gangadhar Mishra

CA Gangadhar Mishra (Expert)
Follow

13 February 2010 Mr Ramesh Krishnan, has wrongly mentioned the 1st slab of taxable income for the A.Y.2010-11, the correct one is as follows:
Taxability for Male below 65 years
Taxable Income upto Rs.1,60,000/- Nil
Taxable Income 1,60,001-3,00,000/- 10%
Taxable Income 3,00,001-500000 (20%+14000)
Taxable Income above 500000 (30%+54,000)

Taxability for Female below 65 years
Taxable Income up to 1,90,000/- Nil
Taxable Income 1,90,001/- 3,00,000/- (10%
Taxable Income 3,00,001/- 5,00,000/-(11,000+20%
Taxable Income above 5,00,000/-(51,000+30%)

Taxability for senior citizen (age more than 65 years)

Taxable Income up to 2,40,00/- Nil
Taxable Income 2,40,001/- 3,00,000/- 10%
Taxable Income 3,00,001/- 5,00,000/- (6,000+20%)
Taxable Income above 5,00,00/- (46000+30%)
EC+HEC is 3% on tax.