13 February 2010
you need to calculate the total income & tax laiability of the employee and deduct average monthly the slab for AY 2010-11
Taxability for Male below 65 years From upto Tax Net Total Income or Taxable Income 0 165000 Nil Net Total Income or Taxable Income 165001 300000 10% Net Total Income or Taxable Income 300001 500000 13500+20% Net Total Income or Taxable Income 500001 all 53500+30%
Taxability for Female below 65 years From upto Tax Net Total Income or Taxable Income 0 195000 Nil Net Total Income or Taxable Income 195001 300000 10% Net Total Income or Taxable Income 300001 500000 10500+20% Net Total Income or Taxable Income 500001 all 50500+30%
Taxability for Male & Female More than 65 years
From upto Tax Net Total Income or Taxable Income 0 240000 Nil Net Total Income or Taxable Income 240001 300000 10% Net Total Income or Taxable Income 300001 500000 6000+20% Net Total Income or Taxable Income 500001 all 26000+30%
13 February 2010
agree with expert one more thing you can change TDS on salary amount every month. So you can deduct less TDS in first 6 month and more in next 6 months or change it any proporion which you want. This is only for salary TDS not for any TDS
13 February 2010
Mr Ramesh Krishnan, has wrongly mentioned the 1st slab of taxable income for the A.Y.2010-11, the correct one is as follows: Taxability for Male below 65 years Taxable Income upto Rs.1,60,000/- Nil Taxable Income 1,60,001-3,00,000/- 10% Taxable Income 3,00,001-500000 (20%+14000) Taxable Income above 500000 (30%+54,000)
Taxability for Female below 65 years Taxable Income up to 1,90,000/- Nil Taxable Income 1,90,001/- 3,00,000/- (10% Taxable Income 3,00,001/- 5,00,000/-(11,000+20% Taxable Income above 5,00,000/-(51,000+30%)
Taxability for senior citizen (age more than 65 years)
Taxable Income up to 2,40,00/- Nil Taxable Income 2,40,001/- 3,00,000/- 10% Taxable Income 3,00,001/- 5,00,000/- (6,000+20%) Taxable Income above 5,00,00/- (46000+30%) EC+HEC is 3% on tax.
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