Tds

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

09 March 2013 SIR

We want to pay a staff salary + House rent at a time Rs. 6 lakh ( salary 4,80,000 and rent Rs. 120000 ) but we don't know how much TDS we deducted on what amount , please tell me how i can post this entry.

CA Parul Saxena online

CA Parul Saxena online

(Expert)
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09 March 2013 TDS is to be deducted on
salary..................480000
HRA.....................xxxxx
For HRA 1st ask the actual amount of rent paid by the employee then least of following is exemppt
i)Actual HRA
ii)Rent paid-10% of Salary
iii)50% of salary if house is in Metro City otherwise 40% of salary
Least of the above three will be deducted from 120000 and balance would be added to 480000 and the total will be taxable as per individual slab rate

Nikhil Kaushik

Nikhil Kaushik (Expert)
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09 March 2013 Dear Author,

Please ask for the information as Madam Parul as suggested you.

In case, the said employee doesn't provide any such detail, you may consider the whole of HRA taxable and compute tax payable on Rs 6 lakh less the exemption limit.

Sorry, I read your query wrong.

The entry for TDS need not be segregated between basic salary and HRA. A consolidated entry can be passed.

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