Tds deduction
This query is : Resolved
30 May 2014
Hi i want to know 1 of my employee earned from professional services 3,77,127 & Tds Deducted 37,713, Tds Professional 10%. Income from Salary from our Company is 1,99,294. Total income for the year 5,76,421.
But for 1,99,294 Tax will be deductable or not.
But for 1,99,294 Tax will be deductable or not.
30 May 2014
TDS has to be calculated at the average rate of income-tax computed on the basis of the rates in force for the relevant financial year in which the payment is made, on the estimated total income of the assessee.i.e you will consider professional fees rs. 377127 and Salary Rs. 37713, so total income Rs. 576421, e.g if above income is for f.y. 2013-14 and employee is not senior citizen.then tds can be calculated as follows:
Gross Total Income Rs. 576421
(-) Deductions ----
Total Income Rs. 576421
Tax on First Rs. 200000 Nil
On next (500000-200000)@10% Rs. 30000
on Next (576421-500000)@20% RS. 15284
TAX RS.45284
ED.CESS@3% RS. 1359
TOTAL TAX RS. 46643
- TDS RS. 37713
NET TDS TO BE DEDUCTED RS. 8930
Gross Total Income Rs. 576421
(-) Deductions ----
Total Income Rs. 576421
Tax on First Rs. 200000 Nil
On next (500000-200000)@10% Rs. 30000
on Next (576421-500000)@20% RS. 15284
TAX RS.45284
ED.CESS@3% RS. 1359
TOTAL TAX RS. 46643
- TDS RS. 37713
NET TDS TO BE DEDUCTED RS. 8930
31 May 2014
if your employee declare his other income then you have to deducted the tax after considering the other income with salary and deduct the averge monthly tax
it is total tax/no of month= monthly tax to be deducted by you.
it is total tax/no of month= monthly tax to be deducted by you.
02 June 2014
thanks for valuable answer
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