Tax Finance Info: TDS

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Example of TDS on Salary | Income Tax Deduction on Salary TDS on Salary

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<span style="font-size: large;"><b>Example of TDS on Salary | Income Tax Deduction on Salary TDS on Salary</b></span></div>
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Example of <a href="http://www.taxfinanceinfo.com/2013/10/tds-on-salary-income-tax-deduction-on.html">TDS on Salary</a> | Income Tax Deduction on Salary TDS on Salary | Example of TDS on Salary | Income Tax Deduction on Salary <a href="http://www.taxfinanceinfo.com/2013/10/tds-on-salary-income-tax-deduction-on.html">TDS on Salary</a><br />
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<img border="0" height="211" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhKR5KWpytXYHujOYpAN4dPFac2XJfnpa1WILjqrwXvOT7-JKnUhxwrnpbQDnTvLQyfYQSn-crCRd3vb4Cdksk6-OxOa35aZQXe4yEPIrEK_xbl75oABKp_wQiBMawdI1BTVzjQKfANNQWC/s1600/Example+TDS+on+Salary.jpg" width="400" /></div>
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<div class="tx" style="margin-bottom: .0001pt; margin: 0in; mso-list: l2 level1 lfo2; text-align: justify; text-indent: -.25in;">
<span style="font-family: Wingdings; font-size: 11pt;"> </span><span style="font-family: Calibri, sans-serif;"><b><span style="font-size: large;">In certain cases when the employer might have deducted more or
less <a href="http://www.taxfinanceinfo.com/2013/10/tds-on-salary-income-tax-deduction-on.html">Tax from salary</a> than actually deductible, the same can be adjusted in the
year subsequent to the previous year. </span></b></span></div>
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<br /></div>
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<span style="font-size: large;"><b><span style="font-family: Calibri, sans-serif;">Example:</span></b><span style="font-family: Calibri, sans-serif;"> </span></span></div>
<div class="tx" style="margin-bottom: .0001pt; margin: 0in; text-align: justify;">
<span style="font-family: Calibri, sans-serif; font-size: 11pt;"><br /></span></div>
<div class="tx" style="margin-bottom: .0001pt; margin: 0in; text-align: justify;">
<span style="font-family: Calibri, sans-serif; font-size: 11pt;">Tax to be deducted in the Financial Year 2011-12                                               Rs.
15000<o:p></o:p></span></div>
<div class="tx" style="margin-bottom: .0001pt; margin: 0in; text-align: justify;">
<span style="font-family: Calibri, sans-serif; font-size: 11pt;">Tax actually deducted by the Employer                                                                  Rs.
17500<o:p></o:p></span></div>
<div class="tx" style="margin-bottom: .0001pt; margin: 0in; text-align: justify;">
<span style="font-family: Calibri, sans-serif; font-size: 11pt;">Tax to be deducted in the Financial Year 2012-13                                               Rs.
18000<o:p></o:p></span></div>
<div class="tx" style="margin-bottom: .0001pt; margin: 0in; text-align: justify;">
<br /></div>
<div class="tx" style="margin-bottom: .0001pt; margin: 0in; text-align: justify;">
<b><span style="font-family: Calibri, sans-serif;"><span style="font-size: large;">Solution: </span><span style="font-size: 11pt;"><o:p></o:p></span></span></b></div>
<div class="tx" style="margin-bottom: .0001pt; margin: 0in; text-align: justify;">
<span style="font-family: Calibri, sans-serif; font-size: 11pt;"><br /></span></div>
<div class="tx" style="margin-bottom: .0001pt; margin: 0in; text-align: justify;">
<span style="font-family: Calibri, sans-serif; font-size: 11pt;">Tax Deductible in the<b> </b>Financial
Year 2012-13                                                                        Rs.
18000<o:p></o:p></span></div>
<div class="tx" style="margin-bottom: .0001pt; margin: 0in; text-align: justify;">
<span style="font-family: Calibri, sans-serif; font-size: 11pt;">Excess tax deducted by the employer in the year 2011-12
(17500-15000)                <u>Rs.  2500<o:p></o:p></u></span></div>
<div class="tx" style="margin-bottom: .0001pt; margin: 0in; text-align: justify;">
<b><span style="font-family: Calibri, sans-serif; font-size: 11pt;"><br /></span></b></div>
<div class="tx" style="margin-bottom: .0001pt; margin: 0in; text-align: justify;">
<b><span style="font-family: Calibri, sans-serif; font-size: 11pt;">Net tax to be deducted
by the employer in the Financial Year 2012-13  Rs.
15,500<o:p></o:p></span></b></div>
<div class="tx" style="margin-bottom: .0001pt; margin: 0in; text-align: justify;">
<br /></div>
<div class="tx" style="margin-bottom: .0001pt; margin: 0in; text-align: justify;">
<span style="font-family: Calibri, sans-serif; font-size: 11pt;"><br /></span></div>
<div class="tx" style="margin-bottom: .0001pt; margin: 0in; mso-list: l2 level1 lfo2; text-align: justify; text-indent: -.25in;">
<span style="font-family: Wingdings;"><span style="font-size: 11pt;"> </span><span style="font-family: 'Times New Roman';"><b><span style="font-size: large;"> </span></b></span></span><span style="font-family: Calibri, sans-serif;"><b><span style="font-size: large;">When
the salary is payable in foreign currency, the value
in rupees of such salary shall be calculated at the prescribed rate of
exchange.<o:p></o:p></span></b></span></div>
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<br /></div>
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<b><span style="font-family: Calibri, sans-serif;"><span style="font-size: large;">Let us understand the
above concept with the help of an example:</span></span></b></div>
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<br /></div>
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<b><u><span style="font-family: Calibri, sans-serif;"><span style="font-size: large;">Example:</span><span style="font-size: 11pt;"><o:p></o:p></span></span></u></b></div>
<div class="tx" style="margin-bottom: .0001pt; margin: 0in; text-align: justify;">
<span style="font-family: Calibri, sans-serif; font-size: 11pt;"><br /></span></div>
<div class="tx" style="margin-bottom: .0001pt; margin: 0in; text-align: justify;">
<span style="font-family: Calibri, sans-serif; font-size: 11pt;">Details of Mr. X of age 59 years in the financial year 2012-13 are
as below:<o:p></o:p></span></div>
<div class="tx" style="margin-bottom: .0001pt; margin: 0in; text-align: justify;">
<span style="font-family: Calibri, sans-serif; font-size: 11pt;"><br /></span></div>
<div class="tx" style="margin-bottom: .0001pt; margin: 0in; text-align: justify;">
<span style="font-family: Calibri, sans-serif; font-size: 11pt;">Basic Salary                                                         Rs.
3,60,000<o:p></o:p></span></div>
<div class="tx" style="margin-bottom: .0001pt; margin: 0in; text-align: justify;">
<span style="font-family: Calibri, sans-serif; font-size: 11pt;">HRA                                                                       Rs.    60,000<o:p></o:p></span></div>
<div class="tx" style="margin-bottom: .0001pt; margin: 0in; text-align: justify;">
<span style="font-family: Calibri, sans-serif; font-size: 11pt;">Medical Reimbursement                              Rs.    12,000<o:p></o:p></span></div>
<div class="tx" style="margin-bottom: .0001pt; margin: 0in; text-align: justify;">
<br /></div>
<div class="tx" style="margin-bottom: .0001pt; margin: 0in; text-align: justify;">
<span style="font-family: Calibri, sans-serif; font-size: 11pt;">Calculate tax to be deduced by an employer for the year and take
home pay of the employee.<o:p></o:p></span></div>
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<br /></div>
<div class="tx" style="margin-bottom: .0001pt; margin: 0in; text-align: justify;">
<b><u><span style="font-family: Calibri, sans-serif;"><span style="font-size: large;">Solution:</span><span style="font-size: 11pt;"><o:p></o:p></span></span></u></b></div>
<div class="tx" style="margin-bottom: .0001pt; margin: 0in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<b>Tax to be deducted by the employer:<o:p></o:p></b></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 4.3pt; margin-right: 0in; margin-top: 0in; text-align: justify; text-indent: 31.7pt;">
<span style="text-indent: 31.7pt;"><br /></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 4.3pt; margin-right: 0in; margin-top: 0in; text-align: justify; text-indent: 31.7pt;">
<span style="text-indent: 31.7pt;">Basic
Salary </span><span style="text-indent: 31.7pt;">                                                        </span><span style="text-indent: 31.7pt;">Rs.
3,60,000</span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 4.3pt; margin-right: 0in; margin-top: 0in; text-align: justify; text-indent: 31.7pt;">
<o:p></o:p></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 4.5pt; margin-right: 0in; margin-top: 0in; text-align: justify;">
              HRA (Note 1)                                                     Rs.    60,000<o:p></o:p></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 4.5pt; margin-right: 0in; margin-top: 0in; text-align: justify;">
              Medical Reimbursement
(Note 2)            <u>               NIL       </u><o:p></o:p></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 40.5pt; margin-right: 0in; margin-top: 0in; text-align: justify; text-indent: 31.5pt;">
Total
Taxable Amount                    Rs.
4,20,000        <o:p></o:p></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 40.5pt; margin-right: 0in; margin-top: 0in; text-align: justify; text-indent: 31.5pt;">
Tax to be
Deducted (Note 3)      Rs.    22,000<o:p></o:p></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<b>Net Home Pay of the Employee:<o:p></o:p></b></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<b><br /></b></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 4.3pt; margin-right: 0in; margin-top: 0in; text-align: justify;">
                              Basic Salary                                                         Rs.
3,60,000<o:p></o:p></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 4.5pt; margin-right: 0in; margin-top: 0in; text-align: justify;">
                              HRA                                                                       Rs.    60,000<o:p></o:p></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 4.5pt; margin-right: 0in; margin-top: 0in; text-align: justify;">
                              Medical Reimbursement                              <u>Rs     12,000     
</u><o:p></o:p></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
                                                                                                                Rs.
4,32,000<o:p></o:p></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
                Less:      Tax Deducted by employer                         <u>Rs.   22,000<o:p></o:p></u></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
                                                <b>Net Home Pay                                  Rs. 4,10,000<o:p></o:p></b></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<u>Note
(1)<o:p></o:p></u></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
It
is assumed that Mr. X resides in his own house, so whole HRA is taxable.<o:p></o:p></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<u>Note
(2)<o:p></o:p></u></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
Medical
Reimbursement is exempted under section 10. So the same should not be
considered for calculating tax.<o:p></o:p></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<u>Note
(3)<o:p></o:p></u></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<b>Tax
to be deducted by the employer:</b><o:p></o:p></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
Total
Taxable Salary (as above)                                                                                  Rs.
4,20,000<o:p></o:p></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<u><br /></u></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<u>Income
Tax Slab for Individual with Age less than 60 Years<o:p></o:p></u></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
10%
of the income exceeding Rs.2,00,000 Upto Rs. 5,00,000                         Rs.   
22,000<o:p></o:p></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<b>[(Rs. 4,20,000 – Rs. 2,00,000)*10]<o:p></o:p></b></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<br /></div>
<div style="text-align: center;">

<b><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">____________________________________________________________________________________
</span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<b><span style="font-size: large;">Extension of example:</span><o:p></o:p></b></div>
<div class="MsoListParagraphCxSpFirst" style="margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 13.5pt; margin-right: 0in; margin-top: 0in; mso-add-space: auto; mso-list: l1 level1 lfo1; text-align: justify; text-indent: -13.5pt;">
<span style="font-family: "Times New Roman","serif"; mso-fareast-font-family: "Times New Roman";"><br /></span></div>
<div class="MsoListParagraphCxSpFirst" style="margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 13.5pt; margin-right: 0in; margin-top: 0in; mso-add-space: auto; mso-list: l1 level1 lfo1; text-align: justify; text-indent: -13.5pt;">
<span style="font-family: "Times New Roman","serif"; mso-fareast-font-family: "Times New Roman";">-<span style="font-family: 'Times New Roman'; font-size: 7pt;">      
</span></span>Mr X. turns 60 years of age during the Financial
Year 2012-13.<o:p></o:p></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 13.5pt; margin-right: 0in; margin-top: 0in; mso-add-space: auto; mso-list: l1 level1 lfo1; text-align: justify; text-indent: -13.5pt;">
<span style="font-family: "Times New Roman","serif"; mso-fareast-font-family: "Times New Roman";"><br /></span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 13.5pt; margin-right: 0in; margin-top: 0in; mso-add-space: auto; mso-list: l1 level1 lfo1; text-align: justify; text-indent: -13.5pt;">
<span style="font-family: "Times New Roman","serif"; mso-fareast-font-family: "Times New Roman";">-<span style="font-family: 'Times New Roman'; font-size: 7pt;">      
</span></span>Mr. X has been gifted a Bike worth a value Rs.
60,000.<o:p></o:p></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 13.5pt; margin-right: 0in; margin-top: 0in; mso-add-space: auto; mso-list: l1 level1 lfo1; text-align: justify; text-indent: -13.5pt;">
<span style="font-family: "Times New Roman","serif"; mso-fareast-font-family: "Times New Roman";"><br /></span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 13.5pt; margin-right: 0in; margin-top: 0in; mso-add-space: auto; mso-list: l1 level1 lfo1; text-align: justify; text-indent: -13.5pt;">
<span style="font-family: "Times New Roman","serif"; mso-fareast-font-family: "Times New Roman";">-<span style="font-family: 'Times New Roman'; font-size: 7pt;">      
</span></span>Along with Tax Deductible Annually and Net
Home Pay; Calculate the Average Tax to be deducted by the employer each month.<o:p></o:p></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 13.5pt; margin-right: 0in; margin-top: 0in; mso-add-space: auto; text-align: justify;">
<br /></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-bottom: .0001pt; margin: 0in; mso-add-space: auto; text-align: justify;">
<b><u><span style="font-size: large;">Solution:</span><o:p></o:p></u></b></div>
<div class="MsoListParagraphCxSpLast" style="margin-bottom: .0001pt; margin: 0in; mso-add-space: auto; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<b>Tax to be deducted by the employer:<o:p></o:p></b></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<b><br /></b></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 4.3pt; margin-right: 0in; margin-top: 0in; text-align: justify; text-indent: 31.7pt;">
 Basic Salary                                                        Rs.
3,60,000<o:p></o:p></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 4.5pt; margin-right: 0in; margin-top: 0in; text-align: justify;">
               HRA                                                                      Rs.    60,000<o:p></o:p></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 4.5pt; margin-right: 0in; margin-top: 0in; text-align: justify;">
               Medical Reimbursement                                          
NIL<o:p></o:p></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 4.5pt; margin-right: 0in; margin-top: 0in; text-align: justify;">
               Perquisite (Bike)                                             <u>Rs.    60,000</u>      <o:p></o:p></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 40.5pt; margin-right: 0in; margin-top: 0in; text-align: justify; text-indent: 31.5pt;">
Total
Taxable Amount                    Rs. 4,80,000        <o:p></o:p></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 40.5pt; margin-right: 0in; margin-top: 0in; text-align: justify; text-indent: 31.5pt;">
Tax to be
Deducted (Note 1)      Rs.    23,000<o:p></o:p></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<b>Net Home Pay of the Employee:<o:p></o:p></b></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<b><br /></b></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 4.3pt; margin-right: 0in; margin-top: 0in; text-align: justify; text-indent: 31.7pt;">
                Basic Salary                                                         Rs.
3,60,000<o:p></o:p></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 4.5pt; margin-right: 0in; margin-top: 0in; text-align: justify;">
                               HRA                                                                      Rs.    60,000<o:p></o:p></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 4.5pt; margin-right: 0in; margin-top: 0in; text-align: justify;">
                              Medical
Reimbursement                               Rs.   12,000<o:p></o:p></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 4.5pt; margin-right: 0in; margin-top: 0in; text-align: justify;">
                              Perquisite
(Bike)                                              <u>Rs.    60,000</u>      <o:p></o:p></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 4.3pt; margin-right: 0in; margin-top: 0in; text-align: justify;">
                                                              <b>Total Salary                        Rs. 4,92,000<o:p></o:p></b></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
                Less:      Tax Deducted by employer                         <u>Rs.   23,000<o:p></o:p></u></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
                                                <b>Net Home Pay                                  Rs. 4,69,000<o:p></o:p></b></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<b>Average Tax to be deducted by the
employer each month:<o:p></o:p></b></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<b><br /></b></div>
<div class="MsoListParagraph" style="margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 1.0in; margin-right: 0in; margin-top: 0in; mso-add-space: auto; mso-list: l3 level1 lfo3; text-align: justify; text-indent: -.25in;">
<span style="font-family: "Courier New"; mso-fareast-font-family: "Courier New";">o<span style="font-family: 'Times New Roman'; font-size: 7pt;">  
</span></span>Average Rate of total tax on Total Salary: =
23000/492000*100 = 4.67% <o:p></o:p></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 40.3pt; margin-right: 0in; margin-top: 0in; text-align: justify; text-indent: 31.7pt;">
Basic
Salary                                         Rs.
3,60,000  / 12 Months  * 4.67% = 
Rs. 1401<o:p></o:p></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 4.5pt; margin-right: 0in; margin-top: 0in; text-align: justify;">
                               HRA                                                      Rs.    60,000 
/ 12 Months  * 4.67% =  Rs. 
234<o:p></o:p></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 4.5pt; margin-right: 0in; margin-top: 0in; text-align: justify;">
                              Medical
Reimbursement              Rs.   12,000  
/ 12 Months  * 4.67% =  Rs.   
47<o:p></o:p></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
                                Perquisite
(Bike)                              Rs.    60,000 
/ 12 Months  * 4.67% =  <u>Rs. 
234</u><o:p></o:p></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 5.0in; margin-right: 0in; margin-top: 0in; tab-stops: 13.5pt; text-align: justify;">
<b>         
<u>Rs. 1916<o:p></o:p></u></b></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<u>Note
(1)<o:p></o:p></u></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<b>Tax
to be deducted by the employer:</b><o:p></o:p></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<b><br /></b></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
Total
Taxable Salary (as above)                                                                                  Rs.
4,80,000<o:p></o:p></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<u><br /></u></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<u>Income
Tax Slab for Individual with Age More than 60 Years <o:p></o:p></u></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<u>but
less than 80 Years<o:p></o:p></u></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
10%
of the income exceeding Rs.2,50,000 Upto Rs. 5,00,000                         Rs.   
23,000<o:p></o:p></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<b>[(Rs. 4,80,000 – Rs. 2,50,000)*10]<o:p></o:p></b></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<br /></div>
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<span style="font-family: Wingdings; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;"> <b><span style="font-size: large;">v<span style="font-family: 'Times New Roman';"> 
</span></span></b></span><b><span style="font-size: large;">Certain
Procedures to be followed by the person responsible to deduct such <a href="http://www.taxfinanceinfo.com/2013/10/tds-on-salary-income-tax-deduction-on.html" target="">TDS onSalary</a>:</span><o:p></o:p></b></div>
<div class="MsoListParagraphCxSpFirst" style="margin-bottom: .0001pt; margin: 0in; mso-add-space: auto; mso-list: l0 level1 lfo4; text-align: justify; text-indent: -.25in;">
<b><br /></b></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-bottom: .0001pt; margin-bottom: 0in; margin-left: .25in; margin-right: 0in; margin-top: 0in; mso-add-space: auto; mso-list: l0 level2 lfo4; text-align: justify; text-indent: -.25in;">
<span style="font-family: "Courier New"; mso-fareast-font-family: "Courier New";">o<span style="font-family: 'Times New Roman'; font-size: 7pt;">  
</span></span>The employer i.e. person responsible to deduct
such TDS on Salary is supposed to pay the deducted TDS on Salary on or before 7<sup>th</sup>
of next month and for the month of march on or before 30<sup>th</sup> April of the
next Financial Year.<o:p></o:p></div>
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<br /></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-bottom: .0001pt; margin-bottom: 0in; margin-left: .25in; margin-right: 0in; margin-top: 0in; mso-add-space: auto; mso-list: l0 level2 lfo4; text-align: justify; text-indent: -.25in;">
<span style="font-family: "Courier New"; mso-fareast-font-family: "Courier New";">o<span style="font-family: 'Times New Roman'; font-size: 7pt;">  
</span></span>If the above is not fulfilled he is liable to
pay interest &18% p.a.  i.e. 1.5% per
month for lapse of every month commencing from the month in which TDS is
deducted.<o:p></o:p></div>
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<br /></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-bottom: .0001pt; margin-bottom: 0in; margin-left: .25in; margin-right: 0in; margin-top: 0in; mso-add-space: auto; mso-list: l0 level2 lfo4; text-align: justify; text-indent: -.25in;">
<span style="font-family: "Courier New"; mso-fareast-font-family: "Courier New";">o<span style="font-family: 'Times New Roman'; font-size: 7pt;">  
</span></span>PAN and TAN are must for him. <o:p></o:p></div>
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<br /></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-bottom: .0001pt; margin-bottom: 0in; margin-left: .25in; margin-right: 0in; margin-top: 0in; mso-add-space: auto; mso-list: l0 level2 lfo4; text-align: justify; text-indent: -.25in;">
<span style="font-family: "Courier New"; mso-fareast-font-family: "Courier New";">o<span style="font-family: 'Times New Roman'; font-size: 7pt;">  
</span></span>He is required to file the quarterly E-TDS
Return 24Q on or before 15<sup>th</sup> of month succeeding the quarter.<o:p></o:p></div>
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<br /></div>
<br />
<div class="MsoListParagraphCxSpLast" style="margin-bottom: .0001pt; margin: 0in; mso-add-space: auto; text-align: justify;">
<br /></div>
<br />
<br /></div>

Example of TDS on Salary | Income Tax Deduction on Salary TDS on Salary

Example of TDS on Salary | Income Tax Deduction on Salary TDS on Salary Example of TDS on Salary | Income Tax Deduction on Salary TDS o...

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TDS on Salary | Income Tax Deduction on Salary

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<b><span style="font-size: large;">TDS on Salary | Income Tax Deduction on Salary</span></b></div>
<br />
TDS on Salary | Income Tax Deduction on Salary | TDS on Salary | Income Tax Deduction on Salary<br />
<br />
<div class="separator" style="clear: both; text-align: center;">
<img border="0" height="215" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhUUZc0XmM-ZYoYjjYPNrv61JxzCR0ubTUxPRff2jmY1-UgbCHa2Zbito8O6s4LIeCToKkxbyWvswowZVeMfbuTGBow7pw6rB9sqsTKzxzUgmk_zXMKN9ILUQglVVi6I8CLSpnHdXCFFcb1/s1600/TDS+on+Salary.jpg" width="400" /></div>
<br />
<b><span style="font-size: large;">What is Salary?</span></b><br />
<br />
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
Once
a unit hires an employee to work in the unit, the unit is liable to pay the
consideration to the employee which is traditionally referred to as “Salary”
and in a modernized manner it is named as CTC i.e. Cost To Company. In addition
to the salary, many a times employers pay certain monetary and non- monetary
perquisites to motivate the employees. Such salary and perquisite are taxable
under the head “Income from Salary”.<o:p></o:p></div>
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<br /></div>
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<span style="font-size: 8.0pt; line-height: 115%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><br /></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<b>There
are certain exemptions where salary is not taxable under the head “Income from
Salary”. Such exemptions are:</b><o:p></o:p></div>
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<br /></div>
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<span style="font-family: "Times New Roman","serif"; mso-fareast-font-family: "Times New Roman";">-<span style="font-family: 'Times New Roman'; font-size: 7pt;">   </span></span>Payment made to professionals as professional
fees for example Remuneration to Chartered Accountant. Such fees are taxable
under the head “Income from Business & Profession” in his hands.<o:p></o:p></div>
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<br /></div>
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<span style="font-family: "Times New Roman","serif"; mso-fareast-font-family: "Times New Roman";">-<span style="font-family: 'Times New Roman'; font-size: 7pt;">  </span></span>Salary received by partners from his
partnership firm is also chargeable to tax under the head “Income from Business
& Profession”<o:p></o:p></div>
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<br /></div>
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<span style="font-family: "Times New Roman","serif"; mso-fareast-font-family: "Times New Roman";">-<span style="font-family: 'Times New Roman'; font-size: 7pt;">   </span></span>Salary received by a person as an MP or MLA or
other such authority is taxable under the head “Income from Other Sources”<o:p></o:p></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 4.5pt; margin-right: 0in; margin-top: 0in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 4.5pt; margin-right: 0in; margin-top: 0in; text-align: justify;">
So the
salary taxable under the head “Income from Salary” is chargeable to tax at the
rates prescribed in the Finance Act every year. But the thing is, the
responsibility of paying such tax on salary is transferred to the employer. It
means the employer is supposed to deduct such tax from the salary and has to
pay it to the government in the manner prescribe. Let us understand the
calculation and deduction of such tax in the lights of section 192. The section
states that:<o:p></o:p></div>
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<br /></div>
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<b><span style="font-size: large;">Example of <a href="http://www.taxfinanceinfo.com/2013/10/example-of-tds-on-salary-income-tax.html">Income Tax Deduction on Salary</a> </span></b></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 4.5pt; margin-right: 0in; margin-top: 0in; text-align: justify;">
<o:p><br /></o:p></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 4.5pt; margin-right: 0in; margin-top: 0in; text-align: justify;">
<b><i><span style="font-size: large;">Section
192</span></i></b></div>
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<b><i><span style="font-size: large;"><br /></span></i></b></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 4.5pt; margin-right: 0in; margin-top: 0in; text-align: justify;">
<b><i>Subsection
(1) </i></b><i>Any person
responsible for paying any income chargeable under the head “Salaries” shall,
at the time of payment, deduct income – tax on the amount payable at the
average rate of income – tax computed on the basis of the [rates in force] for
the financial year in which the payment is made, on the estimated income of the
assessee under this head for that financial year.<o:p></o:p></i></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 4.5pt; margin-right: 0in; margin-top: 0in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 4.5pt; margin-right: 0in; margin-top: 0in; text-align: justify;">
<i><span style="font-size: 8.0pt; line-height: 115%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><br /></span></i></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 4.5pt; margin-right: 0in; margin-top: 0in; text-align: justify;">
<b><span style="font-size: large;">Point-wise understanding of the provision</span><o:p></o:p></b></div>
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<span style="font-family: "Times New Roman","serif"; mso-fareast-font-family: "Times New Roman";"><br /></span></div>
<div class="MsoListParagraphCxSpFirst" style="margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 22.5pt; margin-right: 0in; margin-top: 0in; mso-add-space: auto; mso-list: l0 level1 lfo2; text-align: justify; text-indent: -13.5pt;">
<span style="font-family: "Times New Roman","serif"; mso-fareast-font-family: "Times New Roman";">-<span style="font-family: 'Times New Roman'; font-size: 7pt;">      
</span></span>Salary here will have meaning as provided in
Section 17.<o:p></o:p></div>
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<span style="font-family: "Times New Roman","serif"; mso-fareast-font-family: "Times New Roman";"><br /></span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 22.5pt; margin-right: 0in; margin-top: 0in; mso-add-space: auto; mso-list: l0 level1 lfo2; text-align: justify; text-indent: -13.5pt;">
<span style="font-family: "Times New Roman","serif"; mso-fareast-font-family: "Times New Roman";">-<span style="font-family: 'Times New Roman'; font-size: 7pt;">      
</span></span>The person responsible for paying any income
is generally an employer. <o:p></o:p></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 22.5pt; margin-right: 0in; margin-top: 0in; mso-add-space: auto; mso-list: l0 level1 lfo2; text-align: justify; text-indent: -13.5pt;">
<span style="font-family: "Times New Roman","serif"; mso-fareast-font-family: "Times New Roman";"><br /></span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 22.5pt; margin-right: 0in; margin-top: 0in; mso-add-space: auto; mso-list: l0 level1 lfo2; text-align: justify; text-indent: -13.5pt;">
<span style="font-family: "Times New Roman","serif"; mso-fareast-font-family: "Times New Roman";">-<span style="font-family: 'Times New Roman'; font-size: 7pt;">    </span></span>So the employer is supposed to deduct the tax
and has to pay the salary after such deduction.<o:p></o:p></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 22.5pt; margin-right: 0in; margin-top: 0in; mso-add-space: auto; mso-list: l0 level1 lfo2; text-align: justify; text-indent: -13.5pt;">
<span style="font-family: "Times New Roman","serif"; mso-fareast-font-family: "Times New Roman";"><br /></span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 22.5pt; margin-right: 0in; margin-top: 0in; mso-add-space: auto; mso-list: l0 level1 lfo2; text-align: justify; text-indent: -13.5pt;">
<span style="font-family: "Times New Roman","serif"; mso-fareast-font-family: "Times New Roman";">-<span style="font-family: 'Times New Roman'; font-size: 7pt;">     </span></span>Tax is to be deducted on the basis of rates
prescribed by the Finance Act of respective year.<o:p></o:p></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 22.5pt; margin-right: 0in; margin-top: 0in; mso-add-space: auto; mso-list: l0 level1 lfo2; text-align: justify; text-indent: -13.5pt;">
<span style="font-family: "Times New Roman","serif"; mso-fareast-font-family: "Times New Roman";"><br /></span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 22.5pt; margin-right: 0in; margin-top: 0in; mso-add-space: auto; mso-list: l0 level1 lfo2; text-align: justify; text-indent: -13.5pt;">
<span style="font-family: "Times New Roman","serif"; mso-fareast-font-family: "Times New Roman";">-<span style="font-family: 'Times New Roman'; font-size: 7pt;">      
</span></span>Rates for the Financial Year 2012-13 i.e. Assessment
Year 2013-14 are :<o:p></o:p></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 22.5pt; margin-right: 0in; margin-top: 0in; mso-add-space: auto; text-align: justify;">
<b><span style="font-size: 8.0pt; line-height: 115%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><br /></span></b></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 22.5pt; margin-right: 0in; margin-top: 0in; mso-add-space: auto; text-align: justify;">
<br /></div>
<div align="center">
<table border="1" cellpadding="0" cellspacing="0" class="MsoTableGrid" style="border-collapse: collapse; border: none; margin-left: 22.5pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-padding-alt: 0in 5.4pt 0in 5.4pt; mso-yfti-tbllook: 1184; width: 591px;">
 <tbody>
<tr>
  <td colspan="2" style="border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 442.95pt;" valign="top" width="591"><div class="MsoListParagraphCxSpLast" style="margin: 0in 0in 0.0001pt; text-align: justify;">
<b>NORMAL RATES OF TAX<o:p></o:p></b></div>
</td>
 </tr>
<tr>
  <td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 228.15pt;" valign="top" width="304"><div class="MsoListParagraphCxSpFirst" style="margin: 0in 0in 0.0001pt; text-align: justify;">
Total
  Income from <b>0</b> to <b>2,00,000</b><o:p></o:p></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 214.8pt;" valign="top" width="286"><div class="MsoListParagraphCxSpLast" style="margin: 0in 0in 0.0001pt; text-align: justify;">
NIL<o:p></o:p></div>
</td>
 </tr>
<tr>
  <td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 228.15pt;" valign="top" width="304"><div class="MsoListParagraphCxSpFirst" style="margin: 0in 0in 0.0001pt; text-align: justify;">
Total
  Income from <b>2,00,000 </b>to <b>5,00,000</b><o:p></o:p></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 214.8pt;" valign="top" width="286"><div class="MsoListParagraphCxSpLast" style="margin: 0in 0in 0.0001pt; text-align: justify;">
10% of
  the income exceeding Rs.2,00,000<o:p></o:p></div>
</td>
 </tr>
<tr>
  <td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 228.15pt;" valign="top" width="304"><div class="MsoListParagraphCxSpFirst" style="margin: 0in 0in 0.0001pt; text-align: justify;">
Total
  Income from <b>5,00,000</b> to <b>10,00,000</b><o:p></o:p></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 214.8pt;" valign="top" width="286"><div class="MsoListParagraphCxSpLast" style="margin: 0in 0in 0.0001pt; text-align: justify;">
Rs.30,000
  (for income from 2,00,000 to 5,00,000 i.e. 10% of Rs. 3,00,000) Plus 20% of
  the Amount exceeding Rs. 5,00,000<o:p></o:p></div>
</td>
 </tr>
<tr>
  <td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 228.15pt;" valign="top" width="304"><div class="MsoListParagraphCxSpFirst" style="margin: 0in 0in 0.0001pt; text-align: justify;">
Total
  Income more than <b>10,00,000</b><o:p></o:p></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 214.8pt;" valign="top" width="286"><div class="MsoListParagraphCxSpMiddle" style="margin: 0in 0in 0.0001pt 19.35pt; text-align: justify;">
    Rs.  30,000
  (as calculated above) <o:p></o:p></div>
<div class="MsoListParagraphCxSpMiddle" style="margin: 0in 0in 0.0001pt 28.35pt; text-align: justify; text-indent: -28.35pt;">
Add: Rs.
  1,00,000 (for income from 5,00,000 to 
  10,00,000 i.e. 20% of Rs. 5,00,000)<o:p></o:p></div>
<div class="MsoListParagraphCxSpLast" style="margin: 0in 0in 0.0001pt 28.35pt; text-align: justify; text-indent: -28.35pt;">
Add:
  30%  of the income exceeding Rs.
  10,00,000.<o:p></o:p></div>
</td>
 </tr>
<tr>
  <td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 228.15pt;" valign="top" width="304"><div class="MsoListParagraphCxSpFirst" style="margin: 0in 0in 0.0001pt; text-align: justify;">
<br /></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 214.8pt;" valign="top" width="286"><div class="MsoListParagraphCxSpLast" style="margin: 0in 0in 0.0001pt; text-align: justify;">
<br /></div>
</td>
 </tr>
<tr>
  <td colspan="2" style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 442.95pt;" valign="top" width="591"><div class="MsoListParagraph" style="margin: 0in 0in 0.0001pt; text-align: justify;">
<b>RATES
  FOR INDIVIDUAL RESIDENT FROM FOR AGE GREATER THAN 60 BUT LESS THAN 80<o:p></o:p></b></div>
</td>
 </tr>
<tr>
  <td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 228.15pt;" valign="top" width="304"><div class="MsoListParagraphCxSpFirst" style="margin: 0in 0in 0.0001pt; text-align: justify;">
Total
  Income from <b>0</b> to <b>2,50,000</b><o:p></o:p></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 214.8pt;" valign="top" width="286"><div class="MsoListParagraphCxSpLast" style="margin: 0in 0in 0.0001pt; text-align: justify;">
NIL<o:p></o:p></div>
</td>
 </tr>
<tr>
  <td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 228.15pt;" valign="top" width="304"><div class="MsoListParagraphCxSpFirst" style="margin: 0in 0in 0.0001pt; text-align: justify;">
Total
  Income from <b>2,50,000 </b>to <b>5,00,000</b><o:p></o:p></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 214.8pt;" valign="top" width="286"><div class="MsoListParagraphCxSpLast" style="margin: 0in 0in 0.0001pt; text-align: justify;">
10% of
  the income exceeding Rs.2,50,000<o:p></o:p></div>
</td>
 </tr>
<tr>
  <td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 228.15pt;" valign="top" width="304"><div class="MsoListParagraphCxSpFirst" style="margin: 0in 0in 0.0001pt; text-align: justify;">
Total
  Income from <b>5,00,000</b> to <b>10,00,000</b><o:p></o:p></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 214.8pt;" valign="top" width="286"><div class="MsoListParagraphCxSpLast" style="margin: 0in 0in 0.0001pt; text-align: justify;">
Rs.25,000
  (for income from 2,5,000 to 5,00,000 i.e. 10% of Rs. 2,50,000) Plus 20% of
  the Amount exceeding Rs. 5,00,000<o:p></o:p></div>
</td>
 </tr>
<tr>
  <td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 228.15pt;" valign="top" width="304"><div class="MsoListParagraphCxSpFirst" style="margin: 0in 0in 0.0001pt; text-align: justify;">
Total
  Income more than <b>10,00,000</b><o:p></o:p></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 214.8pt;" valign="top" width="286"><div class="MsoListParagraphCxSpMiddle" style="margin: 0in 0in 0.0001pt 19.35pt; text-align: justify;">
 
    Rs. 
  25,000 (as calculated above) <o:p></o:p></div>
<div class="MsoListParagraphCxSpMiddle" style="margin: 0in 0in 0.0001pt 28.35pt; text-align: justify; text-indent: -28.35pt;">
Add: Rs.
  1,00,000 (for income from 5,00,000 to 
  10,00,000 i.e. 20% of Rs. 5,00,000)<o:p></o:p></div>
<div class="MsoListParagraphCxSpLast" style="margin: 0in 0in 0.0001pt 28.35pt; text-align: justify; text-indent: -28.35pt;">
Add:
  30%  of the income exceeding Rs.
  10,00,000.<o:p></o:p></div>
</td>
 </tr>
<tr>
  <td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 228.15pt;" valign="top" width="304"><div class="MsoListParagraphCxSpFirst" style="margin: 0in 0in 0.0001pt; text-align: justify;">
<br /></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 214.8pt;" valign="top" width="286"><div class="MsoListParagraphCxSpLast" style="margin: 0in 0in 0.0001pt 19.35pt; text-align: justify;">
<br /></div>
</td>
 </tr>
<tr>
  <td colspan="2" style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 442.95pt;" valign="top" width="591"><div class="MsoListParagraph" style="margin: 0in 0in 0.0001pt; text-align: justify;">
<b>RATES
  FOR INDIVIDUAL RESIDENT FROM FOR AGE 80 OR MORE</b><o:p></o:p></div>
</td>
 </tr>
<tr>
  <td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 228.15pt;" valign="top" width="304"><div class="MsoListParagraphCxSpFirst" style="margin: 0in 0in 0.0001pt; text-align: justify;">
Total
  Income from <b>0</b> to <b>5,00,000</b><o:p></o:p></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 214.8pt;" valign="top" width="286"><div class="MsoListParagraphCxSpLast" style="margin: 0in 0in 0.0001pt; text-align: justify;">
NIL<o:p></o:p></div>
</td>
 </tr>
<tr>
  <td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 228.15pt;" valign="top" width="304"><div class="MsoListParagraphCxSpFirst" style="margin: 0in 0in 0.0001pt; text-align: justify;">
Total
  Income from <b>5,00,000</b> to <b>10,00,000</b><o:p></o:p></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 214.8pt;" valign="top" width="286"><div class="MsoListParagraphCxSpLast" style="margin: 0in 0in 0.0001pt; text-align: justify;">
20% of
  the income exceeding Rs.5,00,000<o:p></o:p></div>
</td>
 </tr>
<tr>
  <td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 228.15pt;" valign="top" width="304"><div class="MsoListParagraphCxSpFirst" style="margin: 0in 0in 0.0001pt; text-align: justify;">
Total
  Income more than <b>10,00,000</b><o:p></o:p></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 214.8pt;" valign="top" width="286"><div class="MsoListParagraphCxSpMiddle" style="margin: 0in 0in 0.0001pt 28.35pt; text-align: justify; text-indent: -28.35pt;">
Rs.1,00,000
  (for income from 5,00,000 to  10,00,000
  i.e. 20% of Rs. 5,00,000)<o:p></o:p></div>
<div class="MsoListParagraphCxSpLast" style="margin: 0in 0in 0.0001pt 28.35pt; text-align: justify; text-indent: -28.35pt;">
Add:
  30%  of the income exceeding Rs.
  10,00,000.<o:p></o:p></div>
</td>
 </tr>
</tbody></table>
</div>
<div class="MsoListParagraphCxSpFirst" style="margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 22.5pt; margin-right: 0in; margin-top: 0in; mso-add-space: auto; text-align: justify;">
<br /></div>
<div class="MsoListParagraphCxSpLast" style="margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 22.5pt; margin-right: 0in; margin-top: 0in; mso-add-space: auto; mso-list: l0 level1 lfo2; text-align: justify; text-indent: -13.5pt;">
<span style="font-family: "Times New Roman","serif"; mso-fareast-font-family: "Times New Roman";">-<span style="font-family: 'Times New Roman'; font-size: 7pt;">   </span></span>The employer is supposed to deduct Tax at
average rate only when expected salary of an individual exceeds the basic
exemption limit as above. We will understand the concept with the help of an
example at the end.<o:p></o:p></div>
<div class="tx" style="margin-bottom: .0001pt; margin: 0in; text-align: justify;">
<br /></div>
<div class="tx" style="margin-bottom: .0001pt; margin: 0in; text-align: justify;">
<b><span style="font-size: large;">Example of Income <a href="http://www.taxfinanceinfo.com/2013/10/example-of-tds-on-salary-income-tax.html">Tax Deduction on Salary</a> </span></b></div>
<div class="tx" style="margin-bottom: .0001pt; margin: 0in; text-align: justify;">
<b><i><span style="font-family: Calibri, sans-serif; font-size: 11pt;"><br /></span></i></b></div>
<div class="tx" style="margin-bottom: .0001pt; margin: 0in; text-align: justify;">
<b><span style="font-family: Calibri, sans-serif;"><span style="font-size: large;">Certain Important
points while calculating and deducting Tax on Salary:</span><span style="font-size: 11pt;"><o:p></o:p></span></span></b></div>
<div class="tx" style="margin-bottom: .0001pt; margin: 0in; text-align: justify;">
<br /></div>
<div class="tx" style="margin-bottom: .0001pt; margin: 0in; mso-list: l1 level1 lfo4; text-align: justify; text-indent: -.25in;">
<span style="font-family: Wingdings; font-size: 11pt;"> Ø<span style="font-family: 'Times New Roman'; font-size: 7pt;">  </span></span><span style="font-family: Calibri, sans-serif; font-size: 11pt;">When an employer provides perquisite in Non-Monetary terms, he has
the option to pay such tax as if he was supposed to pay the tax deducted under
the dead “Income from Salary”. It is at the option of the assessee to deduct
tax or not on such non-monetary perquisite. If the employer chooses not to
deduct tax it becomes the responsibility of the employer to pay such tax.<o:p></o:p></span></div>
<div class="tx" style="margin-bottom: .0001pt; margin: 0in; text-align: justify;">
<br /></div>
<div class="tx" style="margin-bottom: .0001pt; margin: 0in; mso-list: l1 level1 lfo4; text-align: justify; text-indent: -.25in;">
<span style="font-family: Wingdings; font-size: 11pt;"> Ø<span style="font-family: 'Times New Roman'; font-size: 7pt;">  </span></span><span style="font-family: Calibri, sans-serif; font-size: 11pt;">At the time when assessee is working under two employers
simultaneously, he had an option to choose any one employer to deduct his tax
from salary and has to provide the details of either employer so that the
employer responsible to deduct such tax can give the effect of salary received
from another employer while deducting the tax.<o:p></o:p></span></div>
<div class="tx" style="margin-bottom: .0001pt; margin: 0in; text-align: justify;">
<br /></div>
<div class="tx" style="margin-bottom: .0001pt; margin: 0in; mso-list: l1 level1 lfo4; text-align: justify; text-indent: -.25in;">
<span style="font-family: Wingdings; font-size: 11pt;"> Ø<span style="font-family: 'Times New Roman'; font-size: 7pt;">  </span></span><span style="font-family: Calibri, sans-serif; font-size: 11pt;">Where the employee is receiving income other than that is taxable
under the head “Salaries”, he has to provide all the details regarding such
income and the tax deducted on such income to the employer who is responsible
to deduct tax on salary along with details of the loss on “Income from House
Property”. <o:p></o:p></span></div>
<div class="tx" style="margin-bottom: .0001pt; margin: 0in; text-align: justify;">
<br /></div>
<div class="tx" style="margin-bottom: .0001pt; margin: 0in; mso-list: l1 level1 lfo4; text-align: justify; text-indent: -.25in;">
<span style="font-family: Wingdings; font-size: 11pt;"> Ø<span style="font-family: 'Times New Roman'; font-size: 7pt;">  </span></span><span style="font-family: Calibri, sans-serif; font-size: 11pt;">Loss on “Income from House Property” can help reduce tax deductions
because only this loss can be set off against such salary income.<o:p></o:p></span></div>
<div class="tx" style="margin-bottom: .0001pt; margin: 0in; text-align: justify;">
<br /></div>
<br />
<div class="tx" style="margin-bottom: .0001pt; margin: 0in; mso-list: l2 level1 lfo3; text-align: justify; text-indent: -.25in;">
<span style="font-family: Wingdings; font-size: 11pt;"> Ø<span style="font-family: 'Times New Roman'; font-size: 7pt;">  </span></span><span style="font-family: Calibri, sans-serif; font-size: 11pt;">The employer is responsible to make the employee provided with the
Statement showing the payments made to him that are chargeable under the head
“Salaries”, viz. Perquisites, Allowances, etc. in Form 12BA (Annexure II) and
also Form 16. It is the requirement under section 192 (2C).<o:p></o:p></span></div>
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<b style="text-align: justify;"><span style="font-size: large;">Example of Income <a href="http://www.taxfinanceinfo.com/2013/10/example-of-tds-on-salary-income-tax.html">Tax Deduction on Salary </a></span></b><br />
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TDS on Salary | Income Tax Deduction on Salary

TDS on Salary | Income Tax Deduction on Salary TDS on Salary | Income Tax Deduction on Salary | TDS on Salary | Income Tax Deduction on ...

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