2006-09-18 23:16:38 · 6 answers · asked by rajani 1 in Education & Reference ➔ Financial Aid
I give up. What is TDS?
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2006-09-18 23:21:19 · answer #1 · answered by lcmcpa 7 · 0⤊ 1⤋
In India earnings TAX is calculated on salary (and not TDS). you are able to consult with earnings Tax waiting Reckoner to be attentive to the fee of earnings tax, which selection in accordance to salary. someone incomes Rs.15,000 consistent with month could have lesser tax criminal duty than the guy incomes over Rs.a million,00,000.
2016-10-17 06:27:57 · answer #2 · answered by ? 4 · 0⤊ 0⤋
To calculate TDS on Salary following steps to be done
Basic+D.A = ***
Conveyance = ***
H.R.A = ***
Other Allowance=***
Total Income = ***
Deduction U/s 10
HRA
(To be compute as per rule) =(***)
Deduction U/s 80
LIC premium =(***)
Scholl fees paid
Rs.1000p.m(max. 2 child) =(***)
PF =(***)
Housing loan repayment=(***)
NOTE:Deduction U/s 80 is subject to maximum amount of Rs.1,00,000
Gross total income =****
tax to be calculated on Gross total income and that amount should be evenly deducted in the salary.
For General For Year 2006-20067
Taxable Annual Income Slab (In Rs.) Tax Rate (In %)
0 - 1,00,000 Nil
1,00,001 - 1,50,000 10%
1,50,001 - 2,50,000 20%
More than 2,50,001 30%
For Women
For Year 2006-2007
Taxable Annual Income Slab (In Rs.) Tax Rate (In %)
0 - 1,35,000 Nil
1,35,001 - 1,50,000 10%
1,50,001 - 2,50,000 20%
More than 2,50,001 30%
For Senior Citizen
For Year 2006-2007
Taxable Annual Income Slab (In Rs.) Tax Rate (In %)
0 - 1,85,000 Nil
1,85,001 - 2,50,000 20%
More than 2,50,001 30%
Surcharge @ 10% applicable if total income exceeds Rs. 10 lakh for A.Y. 2006-07.
There is a new section 80C according to which a person can get rebate upto Rs. 1,00,000 against insurance premium, PF contributions and other such schemes.
In case of higher education there is a deduction in tax for a maximum period of 8 years.
Marginal relief would be provided to ensure that the additional income tax payable including surcharge, on the excess of income over Rs. 10,00,000 is limited to the amount by which the income is more than Rs. 10 lakh .
Education cess @ 2% on tax plus surcharge.
2006-09-19 00:36:22 · answer #3 · answered by maravind_80 2 · 0⤊ 0⤋
Tax Deducted at Sources - TDS is like other deductions in u/s 80 of Income-tax.
2006-09-18 23:30:00 · answer #4 · answered by SA-bic 4 · 0⤊ 0⤋
WHY TDS YOU CALCULATE EXACT TAX.
2006-09-18 23:25:37 · answer #5 · answered by RAMAN IOBIAN 7 · 0⤊ 0⤋
it differs from copany to company
2006-09-19 23:42:29 · answer #6 · answered by jaya 2 · 0⤊ 0⤋