I am working as an HR generalist, one of our employee's gross salary is 30,000/- per month Now he will come under the head of TDS. Please tell me how to calculate TDS. Also i have heard that if we consider some amount as _____ Allowance (where this allowance will be tax free), then there will be no TDS in such consideration. But i exactly dont know what allowance is that. I request seniors to help me to get a clear picture of TDS.
From India, Bengaluru
From India, Bengaluru
Hi
Tax is always considered on the taxable income only received in any financial year from April to March.
The exemptions are Conveyance allowance 1600/- PM
Medical allowance 1250/- PM
HRA based on the location 40% on the basic for Metro & 30% for Non metro
You may have to consider about the employee savings & housing loan if any
if need more details I have one TDS calculator in excel I can share it with you
From India, Bangalore
604Tax is always considered on the taxable income only received in any financial year from April to March.
The exemptions are Conveyance allowance 1600/- PM
Medical allowance 1250/- PM
HRA based on the location 40% on the basic for Metro & 30% for Non metro
You may have to consider about the employee savings & housing loan if any
if need more details I have one TDS calculator in excel I can share it with you
From India, Bangalore
Dear Jeevarathnam P, As I know, medical-reimbursement against bills upto Rs. 15000/- during the year is exempt and medical allowance is fully taxable. Thanks V K Gupta
From India, Panipat
From India, Panipat
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TDS circular.pdf
Format--new TDS rates.xls
BASICS OF TDS ON SALARY-1.doc