Tds calculation

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

18 May 2015 HI...
I AM LITTLE BIT CONFUSE ABOUT TDS CONCEPT.
CAN ANY ONE PLS EXPLAIN WITH DETAILS.
SUPPOSE I M WORKING AND MY SALARY IS 264000 P.A.
NO INVESTMENTS DONE BY ME.
HOW MUCH TDS WILL BE DEDUCT?
AM I ELIGIBLE FOR ANY DEDUCTION?

REGARDS,
NITIN NAGAR

CA-CWA RAVI

CA-CWA RAVI (Expert)
Follow

18 May 2015 since you are salaried .. you are bound to be covered under the PF provisions. Hence the amount deducted by your employer which is normaly 12% of your basic+da shall be allowed as deduction under 80C.
Excluding the above sum the rest amount as exceed 2.50 Lacs shall be taxed @ 10.3%. and equally deducted from your salary over 12 months period.

Hope your query stands answered.

Regards

Message likes : 1 times

Querist : Anonymous

Querist : Anonymous (Querist)

18 May 2015 THANK YOU SIR BUT INSTEAD OF P.F MY EMPLOYER DEDUCT 10% OF TOTAL SALARY P.M.
AND RETURN AT THE END OF FINANCIAL YEAR WITH A INTEREST RATE OF 10% P.A.

Upgrade to CAclubindia Pro. Subscribe Now!