Every Employer who is paying salary to his employee which is more then maximum amount exempt from tax has to deduct TDS on such Salaries Under section 192 of the Income tax Act,1961. While deducting TDS employers are faced with following questions :-
1. How to Calculate TDS and What Rate TDS needs to be deducted?
2. How to Compute Average rate of TDS deduction on Salary?
3. TDS on Perquisites
4. What if Employee is receiving Salary from more then one employer or received from more then one employer
5. Relief When Salary Paid in Arrear or Advance:
6. Information regarding Income under any other head:
7. Computation of income under the head “ Income from house property”:
8. Conditions for Claim of Deduction of Interest on Borrowed Capital for Computation of Income From House Property Section 24(b):
9. Salary Paid in Foreign Currency
SECTION 192 OF THE INCOME-TAX ACT, 1961: BROAD SCHEME OF TAX DEDUCTION AT SOURCE FROM “SALARIES”:
1. Method of Tax Calculation:
Every person who is responsible for paying any income chargeable under the head “Salaries” shall deduct income-tax on the estimated income of the assessee under the head “Salaries” for the financial year 2018-19. The income-tax is required to be calculated on the basis of the rates given in the post titled –Income Tax Rates for financial year 2018-19 / AY 2019-20 subject to the provisions related to requirement to furnish PAN as per sec 206AA of the Act, and shall be deducted at the time of each payment. No tax, however, will be required to be deducted at source in any case unless the estimated salary income including the value of perquisites, for the financial year exceeds Rs. 2,50,000/- or Rs.3,00,000/- or Rs. 5,00,000/-, as the case may be, depending upon the age of the employee.
(Some typical examples of computation of tax are given at Annexure-I).
2. Payment of Tax on Perquisites by Employer:
An option has been given to the employer to pay the tax on non-monetary perquisites given to an employee. The employer may, at its option, make payment of the tax on such perquisites himself without making any TDS from the salary of the employee. However, the employer will have to pay the tax at the time when such tax was otherwise deductible i.e. at the time of payment of income chargeable under the head “salaries” to the employee.
2.1 Computation of Average Income Tax:
For the purpose of making the payment of tax mentioned in para 3.2 above, tax is to be determined at the average of income tax computed on the basis of rate in force for the financial year, on the income chargeable under the head ”salaries”, including the value of perquisites for which tax has been paid by the employer himself.
2.2 Illustration:
The income chargeable under the head “salaries” of an employee below sixty years of age for the year inclusive of all perquisites is Rs.4,50,000/-, out of which, Rs.50,000/- is on account of non-monetary perquisites and the employer opts to pay the tax on such perquisites as per the provisions discussed in para 3.2 above.
STEPS:
| Income Chargeable under the head “Salaries” inclusive of all perquisites |
Rs. 4,50,000/- |
| Tax on Total Salary (including Cess) | Rs. 10,400/- |
| Average Rate of Tax [(10,400/4,50,000) X 100] | 2.31% |
| Tax payable on Rs.50,000/= (2.31% of 50,000) | Rs. 1155/- |
| Amount required to be deposited each month | Rs. 96 (Rs. 96.25) =1155/12) |
The tax so paid by the employer shall be deemed to be TDS made from the salary of the employee.
3. Salary From More Than One Employer:
Section 192(2) deals with situations where an individual is working under more than one employer or has changed from one employer to another. It provides for deduction of tax at source by such employer (as the tax payer may choose) from the aggregate salary of the employee, who is or has been in receipt of salary from more than one employer. The employee is now required to furnish to the present/chosen employer details of the income under the head “Salaries” due or received from the former/other employer and also tax deducted at source therefrom, in writing and duly verified by him and by the former/other employer. The present/chosen employer will be required to deduct tax at source on the aggregate amount of salary (including salary received from the former or other employer).
4. Relief When Salary Paid in Arrear or Advance:
4.1 Under section 192(2A) where the assessee, being a Government servant or an employee in a company, co-operative society, local authority, university, institution, association or body is entitled to the relief under Section 89(1) he may furnish to the person responsible for making the payment referred to in Para (1), such particulars in Form No. 10E duly verified by him, and thereupon the person responsible, as aforesaid, shall compute the relief on the basis of such particulars and take the same into account in making the deduction under Para(1) above.
Here “University means a University established or incorporated by or under a Central, State or Provincial Act, and includes an institution declared under section 3 of the University Grants Commission Act, 1956, to be a University for the purposes of that Act.
4.2 With effect from 1/04/2010 (AY 2010-11), no such relief shall be granted in respect of any amount received or receivable by an assessee on his voluntary retirement or termination of his service, in accordance with any scheme or schemes of voluntary retirement or in the case of a public sector company referred to in section 10(10C)(i) (read with Rule 2BA), a scheme of voluntary separation, if an exemption in respect of any amount received or receivable on such voluntary retirement or termination of his service or voluntary separation has been claimed by the assessee under section 10(10C) in respect of such, or any other, assessment year.
5. Information regarding Income under any other head:
(i) Section 192(2B) enables a taxpayer to furnish particulars of income under any head other than “Salaries” ( not being a loss under any such head other than the loss under the head “ Income from house property”) received by the taxpayer for the same financial year and of any tax deducted at source thereon. The particulars may now be furnished in a simple statement, which is properly signed and verified by the taxpayer in the manner as prescribed under Rule 26B(2) of the Rules and shall be annexed to the simple statement. The form of verification is reproduced as under:
I, …………………. (name of the assessee), do declare that what is stated above is true to the best of my information and belief.
It is reiterated that the DDO can take into account any loss only under the head “Income from house property”. Loss under any other head cannot be considered by the DDO for calculating the amount of tax to be deducted.
6. Computation of income under the head “ Income from house property”:
While taking into account the loss from House Property, the DDO shall ensure that the employee files the declaration referred to above and encloses therewith a computation of such loss from house property. Following details shall be obtained and kept by the employer in respect of loss claimed under the head “ Income from house property” separately for each house property:
a) Gross annual rent/value
b) Municipal Taxes paid, if any
c) Deduction claimed for interest paid, if any
d) Other deductions claimed e) Address of the property
f) Amount of loan, if any; and
g) Name and address of the lender (loan provider)
6.1 Conditions for Claim of Deduction of Interest on Borrowed Capital for Computation of Income From House Property Section 24(b):
Section 24(b) of the Act allows deduction from income from houses property on interest on borrowed capital as under:-
(i) the deduction is allowed only in case of house property which is owned and is in the occupation of the employee for his own residence.However, if it is actually not occupied by the employee in view of his place of the employment being at other place, his residence in that other place should not be in a building belonging to him.
(ii) The quantum of deduction allowed as per table below:
| Sl No |
Purpose of borrowing capital |
Date of borrowing |
Maximum Deduction |
|
1 |
Repair or renewal or reconstruction of the house |
Any time | Rs. 30,000/- |
|
2 |
Acquisition or construction of the house | Before 01.04.1999 | Rs. 30,000/- |
|
3 |
Acquisition or construction of the house | On or after 01.04.1999 | Rs. 200,000/- |
In case of Serial No. 3 above
(a) The acquisition or constructing of the house should be completed within 5 years from the end of the FY in which the capital was borrowed. Hence it is necessary for the DDO to have the completion certificate of the house property against which deduction is claimed either from the builder or through self-declaration from the employee.
(b) Further any prior period interest for the FYs upto the FY in which the property was acquired and constructed shall be deducted in equal installments for the FY in question and subsequent four FYs.
(c) The employee has to furnish before the DDO a certificate from the person to whom any interest is payable on the borrowed capital specifying the amount of interest payable. In case a new loan is taken to repay the earlier loan, then the certificate should also show the details of Principal and Interest of the loan so repaid.
7. Adjustment for Excess or Shortfall of Deduction:
The provisions of Section 192(3) allow the deductor to make adjustments for any excess or shortfall in the deduction of tax already made during the financial year, in subsequent deductions for that employee within that financial year itself.
8. Salary Paid in Foreign Currency:
For the purposes of deduction of tax on salary payable in foreign currency, the value in rupees of such salary shall be calculated at the “Telegraphic transfer buying rate” of such currency as on the date on which tax is required to be deducted at source (see Rule 26).
ANNEXURE-I
SOME ILLUSTRATIONS
Example 1
For Assessment Year 2019-20
(A) Calculation of Income tax in the case of an employee (Male or Female) below the age of sixty years and having gross salary income of:
i) Rs.2,50,000/- ,
ii) Rs.5,00,000/- ,
iii) Rs.10,00,000/- and
iv) Rs.20,00,000/-.
v) 1,10,00,000
(B) What will be the amount of TDS in case of above employees, if PAN is not submitted by them to their DDOs/Offices:
| Particulars |
Rupees |
Rupees |
Rupees |
Rupees |
Rupees |
| Gross Salary Income (including allowances) |
2,50,000 | 5,00,000 | 10,00,000 | 20,00,000 | 1,10,00,000 |
| Contribution of G.P.F. | 45,000 | 50,000 | 1,00,000 | 1,00,000 | 1,00,000 |
Computation of Total Income and tax payable thereon
| Particulars |
Rupees |
Rupees |
Rupees |
Rupees |
Rupees |
| Gross Salary | 2,50,000 | 5,00,000 |
10,00,00 |
20,00,000 | 1,10,00,000 |
| Less: Standard Deduction u/s 16 | 40,000 | 40,000 | 40,000 | 40,000 | 40,000 |
| Less: Deduction U/s 80C | 45,000 | 50,000 | 1,00,000 | 1,00,000 | 1,00,000 |
| Taxable Income | 1,65,000 | 4,10,000 | 8,60,000 | 18,60,000 | 10,860,000 |
| (A) Tax thereon | Nil | 8,000 | 84,500 | 3,70,500 | 3,070,500 |
|
Surcharge |
46,0575 | ||||
| Add: (i) Health and education cess @4% |
Nil | 320 | 3380 | 14820 | 1,41,243 |
| Total tax payable | Nil | 83,20 | 87,880 | 3,85,320 | 3,672,318 |
| (B) TDS under sec. 206AA in case where PAN is not furnished by the employee | Nil | 90,000 | 1,72,000 | 3,85,320 | 3,672,318 |
Example 2
For Assessment Year 2019-20
Calculation of Income Tax in the case of an employee below the age of sixty years having a handicapped dependent ( With valid PAN furnished to employer).
| S.No. |
Particulars |
Rupees |
| 1 | Gross Salary | 4,20,000 |
| 2 | Amount spent on treatment of a dependant, being person with disability (but not severe disability) |
7000 |
| 3 | Amount paid to LIC with regard to annuity for the maintenance of adependant,beingpersonwithdisability(butnotsevere disability) | 60,000 |
| 4 | GPF Contribution | 25,000 |
| 5 | LIP Paid | 10,000 |
Computation of Tax
| S.No. | Particulars | Rupees |
| 1 | Gross Salary | 4,20,000 |
| Less: Standard Deduction u/s 16 | 40,000 | |
| Less: Deduction U/s 80DD (Restricted to Rs.75,000/-only) | 75,000 | |
| 2 | Taxable income | 3,05,000 |
| Less: Deduction U/s 80C (i) GPF Rs.25,000/-(ii) LIP Rs.10,000/-= Rs.35,000/- | 35,000 | |
| 3 | Total Income | 2,70,000 |
| 4 | Income Tax thereon/payable | 1,000 |
| Less: Rebate u/s 87A | 1000 | |
| Income Tax thereon/payable | 0 | |
| 5 | Add: Health and Education Cess @4% | 0 |
| 6 | Total Income Tax payable | 0 |
Example 3
For Assessment Year 2019-20
Calculation of Income Tax in the case of an employee below age of sixty years where medical treatment expenditure was borne by the employer (With valid PAN furnished to employer).
| S.No. | Particulars | Rupees |
| 1 | Gross Salary | 4,00,000 |
| 2 | Medical Reimbursement by employer on the treatment of self and dependent family member | 35,000 |
| 3 | Contribution of GPF | 20,000 |
| 4 | LIC Premium | 20,000 |
| 5 | Repayment of House Building Advance | 25,000 |
| 6 | Tuition fees for two children | 60,000 |
| 7 | Investment in Unit-Linked Insurance Plan | 20,000 |
Computation of Tax
| S.No. | Particulars | Rupees |
| 1 | Gross Salary | 4,00,000 |
| Add: Perquisite in respect of reimbursement of Medical Expenses | 35,000 | |
| 2 | Total Salary | 4,35,000 |
| Less: Standard Section u/s 16 | 40,000 | |
| 3 | Taxable Salary | 3,95,000 |
| Less: Deduction U/s 80C (i) GPF Rs. 20,000/-
(ii) LIC Rs.20,000/- (iii) Repayment of House Building AdvanceRs. 25,000/- (iv) Tuition fees for two children Rs.60,000/- (v) Investment in Unit-Linked Insurance Plan Rs. 20,000/- Total=Rs.1,45,000/-
|
1,45,000 | |
| 4 | Total Income | 2,50,000 |
| 5. | Income Tax thereon/payable | NIL |
| 6. | Add: Health and Education Cess @ 4% | NIL |
| 7. | Total Income Tax payable | NIL |
Example 4
For Assessment Year 2019-20
Illustrative calculation of House Rent Allowance U/s 10 (13A)in respect of residential accommodation situated in Delhi in case of an employee below the age of sixty years (With valid PAN furnished to employer).
| S.No. | Particulars | Rupees |
| 1 | Salary | 2,50,000 |
| 2 | Dearness Allowance | 1,00,000 |
| 3 | House Rent Allowance | 1,40,000 |
| 4 | House rent paid | 1,44,000 |
| 5 | General Provident Fund | 36,000 |
| 6 | Life Insurance Premium |
4,000 |
| 7 | Subscription to Unit-Linked Insurance Plan | 50,000 |
Computation of total income and tax payable thereon
| S.No. | Particulars | Rupees |
| 1 | Salary + Dearness Allowance + House Rent Allowance 2,50,000+1,00,000+1,40,000 = 4,90,000 |
4,90,000 |
| Total Salary Income | 4,90,000 | |
| 2 | Less: House Rent allowance exempt U/s 10(13A):Least of:(a). Actual amount of HRA received= 1,40,000(b). Expenditure of rent in excess of 10% of salary (including D.A. presuming that D.A. is taken for retirement benefit) (1,44,000-35,000) = 1,09,000
(c). 50% of Salary(Basic+ DA)= 1,75,000 |
1,09,000 |
| Gross Total Income | 3,81,000 | |
| Less: Standard Deduction U/s 16 | 40,000 | |
| Less: Deduction U/s 80C (i) GPFRs.36,000/-(ii) LICRs.4,000/- Rs.4,000(iii) Investment in Unit-Linked Insurance Plan Rs.50,000/-
Total =Rs.90,000/- |
90,000 | |
| 3 | Total Income | 2,51,000 |
| Tax payable on total income | 50 | |
| Less: Rebate u/s 87A | 50 | |
| Add: Health and Education Cess @4% | NIL | |
| Total Income Tax payable | NIL | |
Example 5
For Assessment Year 2019-20
| S.No. | Particulars | Rupees |
| 1 | Salary | 7,00,000 |
| 2 | Bonus | 1,40,000 |
| 3 | Free gas, electricity, water etc. (Actual bills paid by company) | 40,000 |
| 4(a) | Flat at concessional rate (for ten month).= Rs.3,60,00 | 3,60,000 |
| 4(b | Hotel rent paid by employer (for two month) | 1,00,000 |
| 4(c) | Rent recovered from employee. | 60,000 |
| 4(d) | Cost of furniture. | 2,00,000 |
| 5 | Subscription to Unit Linked Insurance Plan | 50,000 |
| 6 | Life Insurance Premium | 10,000 |
| 7 | Contribution to recognized P.F. | 52,000 |
| 8 | Investment in long term infrastructure bonds (80CCF) | 20,000 |
Illustrating valuation of perquisite and calculation of tax in the case of an employee below age of sixty years of a private company in Mumbai who was provided accommodation in a flat at concessional rate for ten months and in a hotel for two months ( With valid PAN furnished to employer).
| S.No. | Particulars | Rupees |
| 1 | Salary | 7,00,000 |
| 2 | Bonus | 1,40,000 |
| 3 | Total Salary(1+2) for Valuation of Perquisites | 8,40,000 |
| Valuation of perquisites | ||
| 4(a) | Perq. for flat:Lower of (15% of salary for 10 months=Rs.1,05,000/-) and (actual rent paid= Rs 3,60,000) Rs. 1,05,000 |
1,38,600 |
| 4(b) | Perq for hotel : Lower of (24% of salary of 2 mths=Rs 33,600) and (actual payment= Rs 1,00,000) Rs 33,600 |
|
| 4(c) | Perquisites for furniture(Rs.2,00,000) @ 10% of cost 20,000 | |
| 4(c)(i) | Total of [4(a)+(b)+(c)] (1,05,000+ 33,600+ 20,000)Rs.158,600 Less: rent recovered(-)Rs. 60,000 =Rs. 98,600 |
|
| 4(d) | Add perq. for free gas, electricity, water etc. Rs.40,000 (+) Rs 98,600 [4(c)(i)] = Rs1,38,600 Total perquisites |
|
| 5 | Gross Total Income (Rs.8,40,000+ 1,38,600) | 9,78,600 |
| 6 | Gross Total Income | 9,78,600 |
| 7 | Less: Standard Deduction u/s 16 | 40,000 |
| Less: Deduction U/s 80C : (i). Provident Fund (80C):52,000(ii). LIC(80C):10,000(iii). Subscription to Unit Linked Insurance Plan(80C) :50,000/-
Total = 1,12,000
|
1,12,000 | |
COMPUTATION OF TOTAL INCOME AND TAX PAID THEREON:
| 8 | Total Income | 8,26,600 |
| 9 | Tax Payable | 77,820 |
| 10 | Add: Health and Education Cess @ 4% | 3,113 |
| 11 | Total Income Tax payable | 80,933 |
| 12 | Rounded off to | 80,930 |
Example 6
For Assessment Year 2019-20
Illustrating Valuation of perquisite and calculation of tax in the case of an employee below the age of 60 years of a Private Company posted at Delhi and repaying House Building Loan ( With valid PAN furnished to employer).
| S.No. | Particulars | Rupees |
| 1 | Salary | 4,00,000 |
| 2 | Dearness Allowance | 1,00,000 |
| 3 | House Rent Allowance | 1,80,000 |
| 4 | Special Duties Allowance | 12,000 |
| 5 | Provident Fund | 60,000 |
| 6 | LIP | 10,000 |
| 7 | Deposit in NSC VIII issue | 30,000 |
| 8 | Rent Paid by the employee for house hired by her | 1,20,000 |
| 9 | Repayment of House Building Loan (Principal) | 60,000 |
| 10 | Tuition Fees for three children (Rs.10,000 per child) | 30,000 |
Computation of total income and tax payable thereon
| S.No. | Particulars | Rupees |
| 1 | Gross Salary (Basic+DA+HRA+SDA) | 6,92,000 |
| Less: House rent allowance exempt U/s 10 (13A) Least of: (a). Actual amount of HRA received. :Rs.1,80,000(b). Expenditure on rent in excess of 10% of salary (Including D.A.)assuming D.A. is including for retirement benefits (1,20,000- 40,000):Rs. 80,000(c). 50% of salary (including D.A): Rs. 2,00,000 | 80,000 | |
| 2 | Gross Total Taxable Income | 6,12,000 |
| Less: Standard Deduction U/s 16 | 40,000 | |
| Less: Deduction U/s 80C(i). Provident Fund: 60,000(ii).LIP : 10,000(iii). NSC VIII Issue : 30,000
(iv). Repayment of HBA: 60,000 (v).Tuition Fees (Restricted to two children) :20,000 Total: 1,80,000 |
Example 7
For Assessment Year 2019-20
A. Calculation of Income tax in the case of a retired employee above the age of sixty years but below the age of 80 years and having gross pension of:
i. Rs.4,50,000/-, ii. Rs.8,00,000/- ,
B. What will be the amount of TDS in case of above employees, if PAN is not submitted by them to their DDOs/Offices:
| Particulars |
Rupees |
Rupees |
Rupees |
| Gross Pension | 4,50,000 | 8,00,000 | 1,25,0000 |
| Contribution of P.P.F. | 70,000 | 70,000 | 70,000 |
Computation of Total Income and tax payable thereon
| Particulars | Rupees (i) |
Rupees (ii) |
Rupees (iii) |
| Gross Pension | 4,50,000 | 8,00,000 | 1,25,0000 |
| Less: Standard Deduction U/s 16 | 40,000 | 40,000 | 40,000 |
| Less: Deduction U/s 80C | 70,000 | 70,000 | 70,000 |
| Taxable Income | 3,40,000 | 6,90,000 | 11,40,000 |
| Tax thereon | 2000 | 48000 | 5,30,000 |
| Add: Health and Education Cess @ 4% |
180 | 1920 | 21200 |
| Total tax payable | 2080 | 49920 | 551200 |
| TDS under sec. 206AA in case where PAN is not furnished by the employee | 68,000 | 1,38,000 | 2,28,000 |
Example 8
For Assessment Year 2019-20
A. Calculation of Income tax in the case of a retired employee above the age of 80 years and having gross pension of:
iii. Rs.4,50,000/-, iv. Rs.8,00,000/- ,
B. What will be the amount of TDS in case of above employees, if PAN is not submitted by them to their DDOs/Offices:
| Particulars |
Rupees |
Rupees |
Rupees |
| Gross Pension | 5,00,000 | 8,00,000 | 1,25,0000 |
| Contribution of P.P.F. | 70,000 | 70,000 | 70,000 |
Computation of Total Income and tax payable thereon
| Particulars | Rupees (i) |
Rupees (ii) |
Rupees (iii) |
| Gross Pension | 5,00,000 | 8,00,000 | 1,25,0000 |
| Less: Standard Deduction U/s 80C | 40,000 | 40,000 | 40,000 |
| Less: Deduction U/s 80C | 70,000 | 70,000 | 70,000 |
| Taxable Income | 3,90,000 | 6,90,000 | 11,40,000 |
| Tax thereon | Nil | 38,000 | 1,42,000 |
| Add: Health and Education Cess @ 4% | 1520 | 5680 | |
| Total tax payable | Nil | 39520 | 147680 |
| TDS under sec. 206AA in case where PAN is not furnished by the employee | Nil | 1,38,000 | 2,28,000 |
(Republished With Amendments)
i want to be expert in tds, please co operate
THANKS
DEVENDRA PATEL
HOW TO CALCULATE 2000 EMP. TDS.
Please any format in excel send me
Dear Sir,
could i know briefly how to deduct TDS on salary
who are more then 6. Laks
with example 2019-20 Assesment
my selery is 10000p.m. and they deduct 3000 as tds. any one tell me how??
GOOD EXAMPLE OF TDS
Sir, under topic “How to Calculate TDS on Salary with Examples” illustration 2.2 last line of the first para wording “as per the provisions discussed in para 3.2 above”.
Sir, where is para 3.2 in this article?
Please acknowledge, Sir.
i am sales man in madurai one of the textile shop.
now i am get the salary Rs.23760 and my deduction epf 12% and esi 1.75% and i have pancard. how is calculate my tds please guide me
How to Caliculated TDS Amount?
Hello,
It was a nice nice information regarding TDS calculation. I want to clarify the following doubt.
1) TDS is calculated on taxable salary ? i.e after all deductions
2) if so, while calculating tax for TDS,how deductions under Chapter VI-A are considered ?
Regards
Joy
Hi All
I get salary Rs.1,50,000/- p.m. and my TDS is deducted Rs.10000/- p.m.
Can anybody explain me how the calculation is done?
Regards
Shreya
i am a accountant and its want for a knowledge only.
Please explain how to calculate TDS on Salaries in a simple way.for expample monthly salary 1,500,00/-please explain how ded for TDS.
Please explain how to calculate TDS on Salaries in a simple way.
In computation of TDS, I can’t understand the deduction of HRA @ 10% excess of rent paid,between the examples no 4 and example no-6.
In ex-4 10% of salary plus DA is calculating for HRA. And in ex-6. Same is calculation only basic salary not taking into account DA.Why? pls explain.
i want to know my TDS calculation for FY 2014-15 and my salary p.m 38000/- (incl 7000 HRA) 9 months i have been working
Hi,
The examples given you by is really good. But, I would like to know that how much % calculate by you as Income Tax Deduction. I’ve quite confusion, so please confirm.
Thanks for your kind co-operation.
Warm Regards,
Shilpa Sharma
hello… sir please tell me how we can calculate the tds. and what is the % tage of tds in different type of sources.. like professional. contracror, and salary pay holder.. pleaese answer send in my mail.. my mail is [email protected]
employee submits tax assesment form for the financial year with the deduction to the employer without saving proof. is the employer is reponsible for the checks the proof. if the employee not saved the amount as per assesment form which is submitted to the employer then who will be responsible for that.
Nice examples, very well explained. Thanks for sharing the information.
I am a data entry operator via outsource staff for contract basis on 6 month. my yearly income 30000. I am newly join this work. I am in poverty lined . in this job I get 7000 per month salary . but per month dept. cut of 20% tds. without pan card & with pan no. cut off 10% tds. please guide me.
thanks
Sir, my spouse who is a house wife after selling off all the shares held by her for over an year( i.e., long term investment ) has invested the entire redeemed amount in various banks in fixed deposits and is likely to get an annual interest ranging in between RS 4.5 lakhs to 5.20 lakhs in the financial year 2013-14.
1) Sir, should the interest received by her from F.Ds be treated as annual income in IT form and tax calculation be done on this income
2) Or the interest from savings beyond Rs 10,000 should be taen as criteria
for computation of income tax considering her income element as zero
2) Sir, what is her likely element of income tax for 2013-14.
2) which IT form is applicable for her as a housewives earning interest and require to pay income tax
Regards,
P.Prasad
I want to know the exempted amount of HRA from my salary.I am a Haryana govt employee.
SALARY-61710,DA -49368, HRA-12342, RENT PAID 17000 P.M. RESIDING AT FARIDABAD.
PLEASE DO THE NEEDFUL.THANKS IN ANTICIPATION
hi,
i have a query with relate to your Example 2 with relate to 80DD. Whether employer has to collect proof of evidence for 80DD Expenditure or Handicap certificate is enough to give 50K or 100K exemption.
in simple 80DD is based on expenditure of that financial year or Based on percentage of Disability certificate.
I think 80U is based on Certificate only. Do we need to follow 80DD like wise?
Please Clarify.
Regards,
Ramesh G
IF AN EMPLOYEE HIRES A CAR ON RENT FROM HIS RELATIVE AND CLAIMS HIRE CHARGES OF CAR RS.9000/- PM AND CHHAUFER RS.5000/- PM AND PETROL EXPENSES RS.7000/-PM. HE USES THE CAR FOR COMING FROM HOME TO WORK PLACE AND BACK AND FOR HIS PERSONAL USE. WHAT AMOUNT WILL BE ADDED AS PERQUISITE VALUE TO THE INDIVIDUAL.
PLEASE ADVISE.
WITH BEST REGARDS,
NATINDER GUPTA