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Querist : Anonymous

Querist : Anonymous (Querist)

23 July 2011
1 Plz Explain to me, how calculate Advance Tax.

2 How calculate TDS on Salaried person.

CA Aditya Goel

CA Aditya Goel (Expert)

23 July 2011 Advance Tax Calculation:

Gross Total Income (on estimated basis)
Less: Deductions u/c VI A
Total Income
Tax on slab rate on normal income
Tax on Flat rates on LTCG, 111A etc.
Add Edu. Cess

Total Tax
less:TDS deducted
Less:Tax paid u/s 140A (self assessment)
Less:Rebate if any

if Net tax is greater than Rs. 10,000 then divide the whole amount by 4 or 3 installments depending upon the type of assesse and pay the same within due dates.

hope it is cleared.

CA Aditya Goel

CA Aditya Goel (Expert)

23 July 2011 TDS of Salaried person

Estimated Net Salary (after deducting exempt parts like exempt allowances, professional tax etc.)
House property income as informed by the employee
Other income as informed by the employee

GTI
Less: Deductions u/c VI A like 80C investments made by the employee as he informed

Total Income
if its more than the exemption limit then calculate total tax then divide it by 12 and deduct it from the salary of the employe and deposit the same.
and you can adjust in the last month if there is any fluctuation in the acutal income from the estimated one.

Employer is under obligation to deduct TDS from salary of employee but its not under obligation to verify the details of other income or investments given by the employee but it should take reasonable actions to ensure the data provided is correct.

thanks hope i am able to clear your doubts.

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