Salary TDS
Querist : Anonymous
Pls help me, How to make TDS Calculation on Salary and prepare Form 16 to the employees
Thx & Rgs
Harsha
Querist : Anonymous
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.
Querist : Anonymous
Thx for your help
Thx & Rgs
Harsha
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