Salaries
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
02 March 2010
How is tax deducted from salaries when the assessee has invested money eligible for deduction u/s 80c and other eligble deductions & Exemptions.
Kindly explain
Kindly explain
CMA Ramesh Krishnan
(Expert)
02 March 2010
You need to calculate the employee`s gross total income(Including other incomes) and allowed eligible deductions and exemptions and calculate the tax liability of the year and need to deduct monthly averge
CMA Arif Farooqui
(Expert)
03 March 2010
calculate Gross total Income then allow deduction u/s 80C to 80U. remaining amount would be total income. calculate tax liability on total income. calculate monthly average liability of tax and deduct it from monthly salary.
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