2 Replies
Deepak Gupta
(CA Student)
(15922 Points)
Replied 30 August 2018
The amount of tax should be deducted every month in equal installments. Any excess or deficit arising out of any previous deduction can be adjusted by increasing or decreasing the amount of subsequent deductions during the same financial year.
Sarath Chandra
(CA Final Student)
(566 Points)
Replied 30 August 2018
There's no flat rate of TDS on salaries. The TDS on salaries has to be calculated by taking the amount of salary taxable less deductions in the previous year and then apply the relevant slab rates, you will then arrive at the tax amount payable for the relevant previous year. Then divide the whole tax amount by 12 to arrive at monthly tax amount. This monthly tax amount is the TDS amount to be deducted every month.
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