Hi,
how do you calculate TDS from Salary
[font=tahoma]┬╖[/font][font=tahoma]calculate annual salary and reduce the exemptionavailable for hra. deduct for savings under section 80(c) , donations under sec 80 (g) etc. work out the tax, education cess, higher & secondary education cess. the estimated tax liabilty for the year divided by 12 gives the tds deductible from salary every month. tds is deducted in full based on rate of tax in a particular year. For Resident Women (who is below 65 years at time during the previous year) see the following Rate
Net Range Income Income tax rates Surcharge Education Cess (2%+H&S Cess 1%)
Upto Rs.1,45,000 Nil Nil Nil
Rs.1,45,001 - Rs. 1.50,000 10% of (total Income minus Rs.1,45,000) Nil 3% of Income Tax
Rs.1,50,001 - Rs. 2.50,000 Rs. 500 + '20% of (total Income minus Rs.1,50,000) Nil 3% of Income Tax
Rs.2,50,001 - Rs. 10.00,000 Rs. 20.500 + '30% of (total Income minus Rs.2,50,000) Nil 3% of Income Tax
Above Rs. 10,00,000 Rs. 2,45,500 + '30% of (total Income minus Rs.2,50,000) 10% of Income Tax 3% of Income Tax & Surcharge
For Resident Senior Citizen (who is 65 years or more at any time during the previous year)
Net Range Income Income tax rates Surcharge Education Cess (2%+H&S Cess 1%)
Upto Rs.1,95,000 Nil Nil Nil
Rs.1,95,001 - Rs. 2.50,000 20% of (total Income minus Rs.1,95,000) Nil 3% of Income Tax
Rs.2,50,001 - Rs. 10.00,000 Rs. 11000 + '30% of (total Income minus Rs.2,50,000) Nil 3% of Income Tax
Above Rs. 10,00,000 Rs. 2,36,000 + '30% of (total Income minus Rs.2,50,000) 10% of Income Tax 3% of Income Tax & Surcharge
For any other Individual, every HUF/AOP/BOI/artificial judicial person
Net Range Income Income tax rates Surcharge Education Cess (2%+H&S Cess 1%)
Upto Rs.1,10,000 Nil Nil Nil
Rs.1,10,001 - Rs. 1.50,000 10% of (total Income minus Rs.1,10,000) Nil 3% of Income Tax
Rs.1,50,001 - Rs. 2.50,000 Rs. 4,000 + '20% of (total Income minus Rs.1,50,000) Nil 3% of Income Tax
Rs.2,50,001 - Rs. 10.00,000 Rs. 24,000 + '30% of (total Income minus Rs.2,50,000) Nil 3% of Income Tax
Above Rs. 10,00,000 Rs. 2,49,000 + '30% of (total Income minus Rs.2,50,000) 10% of Income Tax 3% of Income Tax & Surcharge
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[font=""Times New Roman""][url=mailto:pondy.queen@gmail.com]pondy.queen@gmail.com[/url][/font]
Thanks for the useful information. In case you can provide us with more such information, please provide them for the benefit of all the members.
Regards
Anjali
