regarding employees tds
This query is : Resolved
01 February 2011
sir since we dont have previous employees salary details and our co. regn. is on 19th oct 2010 so we are considering salary from 19th oct to mar 2011 i.e. for 5.419 months for calculating tds on salary
sir 80c,80cc,80d (all deduction of 100000 limit) to be taken proprotionately for 5.419 months or for full year i.e. p.a amount to be considered
sir 80c,80cc,80d (all deduction of 100000 limit) to be taken proprotionately for 5.419 months or for full year i.e. p.a amount to be considered
01 February 2011
You are responsible to get the employees past salary details within the current FY.
Estimation can be done as per your current break-up (till March), Then you should add the taxable salary received from past employment (Apr,10 to 18th Oct,10)to your gross figure.
Deduction under 80C (1lac)can be given by you or past employer cumulatively (no need to do the proportionate calculation). Total can't exceed the max limit.
Now, from the total estimated tax due figure deduct the TDS already deducted by the past employer & divide the balance tax by remaining 5 or 6 as per your convenience.
You will get the monthly TDS.
Estimation can be done as per your current break-up (till March), Then you should add the taxable salary received from past employment (Apr,10 to 18th Oct,10)to your gross figure.
Deduction under 80C (1lac)can be given by you or past employer cumulatively (no need to do the proportionate calculation). Total can't exceed the max limit.
Now, from the total estimated tax due figure deduct the TDS already deducted by the past employer & divide the balance tax by remaining 5 or 6 as per your convenience.
You will get the monthly TDS.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Refund of AY 22-23
- HSN Details in IFF/GSTR-1 & in GSTR 9
- Tax on capital gains revoked us 54f
- Should I include march foreign salary received in April in my income for FY 2023-24?
- TDR receipts for agreement holder
- Inventory of finished goods
- Sale of property furniture sale
- Disallowance of Section 43B(h) to sez units
- GST APPLICABILITY ON POLLUTION CHECK SERVICE
- Applicability of Ind As to associate of associate
- Refund AY 2012-13 and 2013-14
- DIRECT TAX CODE 2025
- MODEL FILLED AUDIT REPORT FOR TRUSTS IN FORM 10B
- 115TD on cancellation of 12A 80G Registration
- MIS MATCH OF INVOICE NUMBER
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- CASE INTIMATION OF LIABILITY UNDER SECTION 73(5)(Rule 142(1A)
Trending Online Classes
CAclubindia
