Hello Professionals,
have u tds calculation on salary..? and how much deducted tds amount on salary..?
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TDS on salary
Replies (2)
for deduction of TDs on salary. first employer has to estimate his total tax liability for the relevant year ..after giving effect if any exemption is available...
and if employee is eligible for deduction under the act that will also be considered (such as deduction for LIC )while estimatation of his total tax liability .
if his tax liability will be nil then no need to deduct TDs.
and if some tax liability arise. then
the total tax liability will be divided by 12 months and monthly TDs will be deducted .
the section for TDs on salary is section 192
and if employee is eligible for deduction under the act that will also be considered (such as deduction for LIC )while estimatation of his total tax liability .
if his tax liability will be nil then no need to deduct TDs.
and if some tax liability arise. then
the total tax liability will be divided by 12 months and monthly TDs will be deducted .
the section for TDs on salary is section 192
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