Hi All,
One of my friend(Men) joined in small company and he current CTC is Rs.4.8 Lacs.(i.e.40,000)
But after completing one month, he received a salary of Rs.36,000 as a net take home.
In that small company, they dont have any PF/HRA and they deducted 10% as a TDS from the salary.(i.e.36K)
Is this really a correct process and let me know will that TDS can be claimed or not?
Also let me know exact procedure for deduction of TDS?
Waiting for your early response.
Regards,
From India, Hyderabad
1One of my friend(Men) joined in small company and he current CTC is Rs.4.8 Lacs.(i.e.40,000)
But after completing one month, he received a salary of Rs.36,000 as a net take home.
In that small company, they dont have any PF/HRA and they deducted 10% as a TDS from the salary.(i.e.36K)
Is this really a correct process and let me know will that TDS can be claimed or not?
Also let me know exact procedure for deduction of TDS?
Waiting for your early response.
Regards,
From India, Hyderabad
Dear Kumarmhrm,
The company is right in deducting TDS from salary if the projected income (taxable) during the FY 2013-14 is above 2 lakhs. Income i.e. Taxable exceeding 2 lakhs up to 5 lakhs falls under the slab of 10%.
In your case, if taxable income is 4.8 lakhs. 10% on exceeding 2 lakhs i.e. 2.8 lakhs comes to 28000 annually. Monthly it comes to 2334. The company should deduct TDS 2334 avg. per month.
From India, Mumbai
The company is right in deducting TDS from salary if the projected income (taxable) during the FY 2013-14 is above 2 lakhs. Income i.e. Taxable exceeding 2 lakhs up to 5 lakhs falls under the slab of 10%.
In your case, if taxable income is 4.8 lakhs. 10% on exceeding 2 lakhs i.e. 2.8 lakhs comes to 28000 annually. Monthly it comes to 2334. The company should deduct TDS 2334 avg. per month.
From India, Mumbai
hi completely agree with mr.keshav. if they are deducting more amount they will refund it at the end of financial year
From India, New Delhi
From India, New Delhi
HI,
The said company must have been deducted TDS @ 10 % on the salary paid and must be showing as consultant in there company and so they can avoid making payment of PF/ESIC etc.
Your friend can claim the said TDS Deducted in his income tax return and can pay the balance amount of income tax payable by him.
In case of any help on the same do mail me else contact me.
From India, Ahmadabad
The said company must have been deducted TDS @ 10 % on the salary paid and must be showing as consultant in there company and so they can avoid making payment of PF/ESIC etc.
Your friend can claim the said TDS Deducted in his income tax return and can pay the balance amount of income tax payable by him.
In case of any help on the same do mail me else contact me.
From India, Ahmadabad
HI,
The said company must have been deducted TDS @ 10 % on the salary paid and must be showing as consultant in there company and so they can avoid making payment of PF/ESIC etc.
Your friend can claim the said TDS Deducted in his income tax return and can pay the balance amount of income tax payable by him.
In case of any help on the same do mail me else contact me.
From India, Ahmadabad
The said company must have been deducted TDS @ 10 % on the salary paid and must be showing as consultant in there company and so they can avoid making payment of PF/ESIC etc.
Your friend can claim the said TDS Deducted in his income tax return and can pay the balance amount of income tax payable by him.
In case of any help on the same do mail me else contact me.
From India, Ahmadabad
Yes,i also agree with you. The said company must have been deducted TDS @ 10 % on the salary paid and must be showing as consultant in there company and so they can avoid making payment of PF/ESIC etc.After end of financial year you should demand your Tds certificate from the said company & you can show this certificate in your income tax return & extra tax deduction will be refund by Income Tax dept.
From India, Barddhaman
From India, Barddhaman
Hi team,
Am recently join new firm ..I got salay arrount 4 lack CTC..I wanted to know the how much will deduct the TDs amount.. And how will save my tax..because I get first salary arround 18 days but there is no deduction.. Am very scared about second month salary.. I have mediclaim policy ,lic police, and birala sun life insurance policies.. Also my dad and me paying home rent..it is helpful me to save my tax..
Kindly guide us..also we are in planing to take new own home..so home will hell me to save my tax..
Mail id.-prashantb181@gmail.com
Mob no.9833421921
From India, Mumbai
Am recently join new firm ..I got salay arrount 4 lack CTC..I wanted to know the how much will deduct the TDs amount.. And how will save my tax..because I get first salary arround 18 days but there is no deduction.. Am very scared about second month salary.. I have mediclaim policy ,lic police, and birala sun life insurance policies.. Also my dad and me paying home rent..it is helpful me to save my tax..
Kindly guide us..also we are in planing to take new own home..so home will hell me to save my tax..
Mail id.-prashantb181@gmail.com
Mob no.9833421921
From India, Mumbai
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