TDS is deducted every month. However it is not based on the attendance of every month.
The below is just a brief on how tax is calculated. Pl consult a tax expert for detailed explanation.
At the beginning of financial year (Apr) or the employee joining date whichever is applicable, the employee gives his tax investment declarations to the company.
Then basis the below the payroll department determines the employee tax for the year as per the employee tax slab.
• employees annual gross salary
• tax rules pertaining to conveyance allowance , medical allowance
• Annual employee PF contribution
• Annual PT contribution
• Tax investments (as per eligibility under various tax sections 80C , 80 D, 80 DD etc)
The same amount is then divided among the 12 months and deducted accordingly in every month salary.
Then in Dec or Jan, the company asks the employee to give the actual investment proofs. Then basis the proofs and the TDS already deducted, the TDS for remaining months is reworked and accordingly deducted.
Also if an employee joins in middle of financial year (e.g Oct), then the new company asks the employee to provide details of TDS deducted in his previous company.
From India, Mumbai
74The below is just a brief on how tax is calculated. Pl consult a tax expert for detailed explanation.
At the beginning of financial year (Apr) or the employee joining date whichever is applicable, the employee gives his tax investment declarations to the company.
Then basis the below the payroll department determines the employee tax for the year as per the employee tax slab.
• employees annual gross salary
• tax rules pertaining to conveyance allowance , medical allowance
• Annual employee PF contribution
• Annual PT contribution
• Tax investments (as per eligibility under various tax sections 80C , 80 D, 80 DD etc)
The same amount is then divided among the 12 months and deducted accordingly in every month salary.
Then in Dec or Jan, the company asks the employee to give the actual investment proofs. Then basis the proofs and the TDS already deducted, the TDS for remaining months is reworked and accordingly deducted.
Also if an employee joins in middle of financial year (e.g Oct), then the new company asks the employee to provide details of TDS deducted in his previous company.
From India, Mumbai
My company is Techpapa he is not pay me 2 months salary and when i ask him he gives me falls promise in every month and he not respond my mail, plz give me a suggestion how can i get my salary.
From India, Noida
From India, Noida
i want to know is bonus deducted form the salary part. kamaljeet singh 9557761562
From India, Gurgaon
From India, Gurgaon
Hi,
I want to know is bonus part deducted form salary.
Basic : 12000 Paid per month
HRA : 6000 Paid per month
Conv.Allow. : 800 Paid per month
Special Allowance : 8227 Paid per month
Gross Total (Per Month) : 27027
P.F. : 1440 Employer contribution
Bonus : 700 As per Bonus Act
Grand Total CTC PM : 29167
CTC Per Annum : 350004
From India, Gurgaon
I want to know is bonus part deducted form salary.
Basic : 12000 Paid per month
HRA : 6000 Paid per month
Conv.Allow. : 800 Paid per month
Special Allowance : 8227 Paid per month
Gross Total (Per Month) : 27027
P.F. : 1440 Employer contribution
Bonus : 700 As per Bonus Act
Grand Total CTC PM : 29167
CTC Per Annum : 350004
From India, Gurgaon
In one of the engineering industries in gummidipoondi, they declared holiday other than weekly off and festival holidays in july 2019.
The excess holiday is 6days.
Normal closed holiday in july 2019 is 4
they declared total 10days as closed days. That means no production
they calculated one day wages by dividing 21 instead of 26.
Is it correct
From India, Chennai
The excess holiday is 6days.
Normal closed holiday in july 2019 is 4
they declared total 10days as closed days. That means no production
they calculated one day wages by dividing 21 instead of 26.
Is it correct
From India, Chennai
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