tds on salary for year 2011-122

This query is : Resolved

ashwani kumar (Querist)
Follow

16 June 2011 respected sir, kindly let me know tds rates ,limit for tds on salary & how to calculate with example

regards

Ashwani

Abhishek Ranjan Singh

Abhishek Ranjan Singh (Expert)
Follow

17 June 2011 Dear Ashwani,
It is calculated on base of INCOME TAX RATE as per taxable income slab of that Assessment year.
Taxable Income = Total Income - Deductions (Rebate)

Income Tax Rates/Slabs for A.Y. (2011-12)
Slab (Rs.) Tax (Rs.)
less than 1,60,000 Nil
1,60,000 to 5,00,000 (TI – 1,60,000) * 10%
5,00,000 to 8,00,000 34,000 + (TI – 5,00,000) * 20%
Greater than 8,00,000 94,000 + (TI – 8,00,000) * 30%
Women aged 65 years or less
Slab (Rs.) Tax (Rs.)
less than 1,90,000 Nil
1,90,000 to 5,00,000 (TI – 1,90,000) * 10%
5,00,000 to 8,00,000 31,000 + (TI – 5,00,000) * 20%
Greater than 8,00,000 91,000 + (TI – 8,00,000) * 30%
Senior Citizens (Individuals aged above 65 years)
Slab (Rs.) Tax (Rs.)
less than 2,40,000 Nil
2,40,000 to 5,00,000 (TI – 2,40,000) * 10%
5,00,000 to 8,00,000 26,000 + (TI – 5,00,000) * 20%
Greater than 8,00,000 86,000 + (TI – 8,00,000) * 30%

For any Query Contact:
ABHISHEK RANJAN SINGH
ARS SOLUTIONS
+91 9022838615
email2ars@gmail.com