Dear All,
Is this calculation is right?
How to deduct TDS from ctc.
eg:ctc-3,90,000 /// we minus275000=115000.for 115000 5% which is5750.minus 5750 with 390000,we get384250 rs by dividing 384250 by 12,we get 32020,does 32320 is the take home of an emp.
Slab:0 to2.75lac-nill
2.75 to 5 lac-5 %
5 to 10 lac -10%
10 lac above 20%
pls clarify.
Thanks
keerthi
From India, Chennai
Is this calculation is right?
How to deduct TDS from ctc.
eg:ctc-3,90,000 /// we minus275000=115000.for 115000 5% which is5750.minus 5750 with 390000,we get384250 rs by dividing 384250 by 12,we get 32020,does 32320 is the take home of an emp.
Slab:0 to2.75lac-nill
2.75 to 5 lac-5 %
5 to 10 lac -10%
10 lac above 20%
pls clarify.
Thanks
keerthi
From India, Chennai
11
Dear Members, Shouldn’t TDS be done on gross, rather than CTC. CTC will have many components that is non-taxable for the employee. Please advise.
From India, Kochi
From India, Kochi
Dear Keerthi,
Employer can only TDS if employee fails to submit his investment declaration. They just can't deduct fix amount from salary without taking their investment declaration. You can ask for salary structure from the employer to know the exact salary and deduction components. You can provide your investment declaration to get exemption from tax slab. Investment declaration can include your LIC or other tax saving policy details, mediclaim, conveyance, your interest on home loan or rent paid, etc.
Regards,
Manish
From India, Ahmedabad
Employer can only TDS if employee fails to submit his investment declaration. They just can't deduct fix amount from salary without taking their investment declaration. You can ask for salary structure from the employer to know the exact salary and deduction components. You can provide your investment declaration to get exemption from tax slab. Investment declaration can include your LIC or other tax saving policy details, mediclaim, conveyance, your interest on home loan or rent paid, etc.
Regards,
Manish
From India, Ahmedabad
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TDS circular.pdf
Format--new TDS rates.xls
BASICS OF TDS ON SALARY-1.doc