03 June 2011
You need to calculate the annual income tax on his salary as per the applicable individual slab rate & then divide the total tax by 12. this amount need to be deducted each month.
For telling the exact TDS amount, you need to provide other details... like salary structure, Investment declaration .. then only monthly TDS can be calculated.
1.you want to calculate TDS for FY 11-12. 2.Total HRA of 15000/- is exempt. 3.Medical 1250/- is actually reimbursement 4.Your MD has NIL amount claimable under section 80C/80CC/80CCC.
In this case, basic exemption is 180000/-.
Deduction for 80G (donation) is not to be allowed, while calculating TDS on salary, however, your MD can claim the same in his ITR.
Rounded off taxable income is : 469670/- TDS per Month is : 2490/- (April,11 to Feb,12) TDS for March,12 : 2446/-
08 June 2011
How to entry in the name of a person.
salary entry, travelentry, it's advances. EPF, ESIC, TDS, Sales bill, Purchase every thing has to come under which ledgers we use for a person.
And simply I will go to ledger and enter the person name. Every transaction for a person, Which entries we have passed has to come in the person ledger.
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