CALCULATION
This query is : Resolved
25 March 2008
DIFFERENT METHODS OF CALCULATING THE INCOME TAX PAYABLE FOR A SALARIED PERSON WHILE DEDUCTING TDS
25 March 2008
what
25 March 2008
MY QUESTION IS WHEN CALCULATION OF TDS FOR SALARIED PERSON IN SOME COMPANIES IF THE SALARY INCOME EXCEEDS MORE THAN 500000 THEY WILL DIRECTLY DEDUCT THE TDS AS 30% ON WHAT METHOD
25 March 2008
On salary they have to calculate the tax as per the prescribed rate of income tax after considering all the dedcution and other source of income if the employyee delclaring the same .
there is no procedure like salary exceeding 5 lakh should be deducted @ 30%.
there is no procedure like salary exceeding 5 lakh should be deducted @ 30%.
25 March 2008
TDS should be deducted at prescribed rates
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