Salary its meaning & how to calculate tds on salary easily

Page no : 3

arunaajay (CA Final(New)) (40 Points)
Replied 24 December 2012

Is it necessary to consider AMT( Alternative Minimum Tax) while computing TDS on Salary -from A.Y 13-14 AMT is app for Individuals also

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@VaibhavJ (Believe!! Live your dreams!) (33516 Points)
Replied 24 December 2012

Originally posted by : arunaajay
	Hi Is it necessary to consider AMT( Alternative Minimum Tax) while computing TDS on Salary -from A.Y 13-14 AMT is app for Individuals also

Yes, however It is further provided that the provisions of AMT under Chapter XII-BA shall not apply to an individual or a Hindu undivided family or an association of persons or a body of individuals (whether incorporated or not) or an artificial juridical person referred to in section 2(31)(vii) if the adjusted total income of such person does not exceed twenty lakh rupees.

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@VaibhavJ (Believe!! Live your dreams!) (33516 Points)
Replied 24 December 2012

It has been provided that anyone who claims any of the following deduction shall be liable to pay alternate minimum tax @ 18.5 % of adjusted total income.

1. 10A Special provision in respect of newly established undertakings in free trade zone, etc.

2. 80HH Deduction in respect of profits and gains from newly established industrial undertakings or hotel

business in backward areas

3. 80HHA Deduction in respect of profits and gains from newly established small-scale industrial

undertakings in certain areas

4. 80HHB Deduction in respect of profits and gains from projects outside India

5. 80HHBA Deduction in respect of profits and gains from housing projects in certain cases

6. 80HHC Deduction in respect of profits retained for export business

7. 80HHD Deduction in respect of earnings in convertible foreign exchange

8. 80HHE Deduction in respect of profits from export of computer software, etc.

9. 80HHF Deduction in respect of profits and gains from export or transfer of film software, etc.

10. 80-I Deduction in respect of profits and gains from industrial undertakings after a certain date, etc.

11. 80-IA Deductions in respect of profits and gains from industrial undertakings or enterprises engaged in

infrastructure development, etc.

12. 80-IAB Deductions in respect of profits and gains by an undertaking or enterprise engaged in development

of Special Economic Zone

13. 80-IB Deduction in respect of profits and gains from certain industrial undertakings other than infrastructure

development undertakings

14. 80-IC Special provisions in respect of certain undertakings or enterprises in certain special category States

15. 80-ID Deduction in respect of profits and gains from business of hotels and convention centres in specified

area

16. 80-IE Special provisions in respect of certain undertakings in North-Eastern States

17. 80JJA Deduction in respect of profits and gains from business of collecting and processing of biodegradable waste

18. 80JJAA Deduction in respect of employment of new workmen

19. 80LA Deductions in respect of certain incomes of Offshore Banking Units and International Financial

Services Centre

20. 80-O Deduction in respect of royalties, etc., from certain foreign enterprises

21. 80Q Deduction in respect of profits and gains from the business of publication of books

22. 80QQADeduction in respect of professional income of authors of text books in Indian languages

23. 80QQB Deduction in respect of royalty income, etc., of authors of certain books other than text books

24. 80R Deduction in respect of remuneration from certain foreign sources in the case of professors, teachers,

etc.

so in my view salaried people seldom claaims such deduction and will be out of purview of AMT to be introduced.

Hemant Kumar (Accounts Manager MBA (Fin) CMA*) (6450 Points)
Replied 24 December 2012

Bookmarked.... Good job Vaibhav.. Thanks for sharing. Keep Sharing......

1 Like

Dhanya Sreedhar (CA final, doing Job) (661 Points)
Replied 24 December 2012

Good Job....& Keep sharing

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@VaibhavJ (Believe!! Live your dreams!) (33516 Points)
Replied 24 December 2012

Originally posted by : Dhanya Sreedhar
	Good Job....& Keep sharing

thanks

@*CS Siddharth Bumb. * (B.Com, CA Final, CS ) (5270 Points)
Replied 25 December 2012

thanks a lot for sharing..

1 Like

@VaibhavJ (Believe!! Live your dreams!) (33516 Points)
Replied 25 December 2012

Hi friends,

I will appreciate any questions, query or feedback from your end.

cheerz n Merry Xmas to all..

Gourav Girotra (Artical Astt.) (47 Points)
Replied 26 December 2012

Originally posted by : Hardik Dave
	Realy important and wonderul article.smile. Thanku for sharing, keep sharing.

CA Vanamala Phani Kumar (Proprietor of M/s Vanamala and Co) (972 Points)
Replied 26 December 2012

Bhayya....can u plz attach soft copy of your post for us ..!!

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Md. Murtuza Khan (Senior Accountant) (23 Points)
Replied 26 December 2012

good Work Mr. Vaibhav

@VaibhavJ (Believe!! Live your dreams!) (33516 Points)
Replied 26 December 2012

Originally posted by : PHANI KUMAR VANAMALA
	Bhayya....can u plz attach soft copy of your post for us ..!!

yep for sure!!

1 Like

CA Vanamala Phani Kumar (Proprietor of M/s Vanamala and Co) (972 Points)
Replied 26 December 2012

Originally posted by : @ VaibhavJ
	Originally posted by : PHANI KUMAR VANAMALA Bhayya....can u plz attach soft copy of your post for us ..!! yep for sure!!