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

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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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

CMA Arif Farooqui (Expert)
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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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