Salary TDS

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

06 August 2010 Dear Experts

Pls help me, How to make TDS Calculation on Salary and prepare Form 16 to the employees

Thx & Rgs

Harsha

Aditya Maheshwari

Aditya Maheshwari (Expert)
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06 August 2010 Tds on Salary calculated as per slab rates applicable to the employee.

CA Ujjaval Desai

CA Ujjaval Desai (Expert)
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06 August 2010 TDS on Salary to be calculated as per Slab Rate Applicable to Individuals. Calculate the total tax after deducting all deductions permissible u/ch VIA that will be total tds for the year to be spread over 12 months i.e total tax/12 is the monthly tds deduction on salary

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CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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06 August 2010 give me your ID i will send you some useful fies.

Aditya Maheshwari

Aditya Maheshwari (Expert)
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06 August 2010 Also u can refer circular no. 1/2010 for complete details on TDS on salary.

Murtaza I Bhagat

Murtaza I Bhagat (Expert)
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06 August 2010 download file form shared files section

Querist : Anonymous

Querist : Anonymous (Querist)

06 August 2010 My Email ID harsha.hrm@gmail.com pls send me how to prepare Form 16

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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06 August 2010 please check your mail.

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VINOD ARORA

VINOD ARORA (Expert)
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06 August 2010 While making the payment of Salary, deductor should consider the following and deduct correct TDS from the payment being made.
1.Calculate the estimated salary for the year, after allowing exemption in relation to HRA, Transport Allowance, Medical Reimb., etc, as may be applicable.
2.Add any other income reported by the Employee (from Salary, HP, Ineterst, Capital Gains, etc.) and TDS thereon.
3. Deduct only House property loss (interest in case of Self Occupied House Property).
4.Deduct the allowed deductions declared by employee under Section 80C, 80D,etc.
5.Calculate the Income Tax and cess on the net Income, as per the “Rates in Force”
6.Deduct if any Relief U/s 89.
7.Keeping it as total tax, now deduct the TDS made till last month from it.
8.Divide the net TDS by “Remaining number of months in the FY, including current month”.
9.Deduct this amount from employees Salary

FOrm 16 may be prepared based on deductions made during the year. Obtaining PAN from employee concerned and quoting in TDS REturns/Form 16 is very important.

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Querist : Anonymous

Querist : Anonymous (Querist)

06 August 2010 Dear Guptha

Thx for your help

Thx & Rgs

Harsha