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TDS Rates on Salaries for the Asst. Year (A.Y) 2012-13 or Financial Year (FY) 2011-12
TDS rate on Salaries A.Y. 2011-12 or F.Y. 2010-11 (Under Sec. 192)
- Taxable point
Only when the employee has Taxable Salary (Refer this for slab rates http://www.thetaxinfo.com/2012/04/income-tax-rates-financial-year-2012-2013-asst-year-2013-2014/ )
- Includable Amounts in Deducting TDS in the hands of employer
All Incomes from all the other heads of income but not losses. However loss from House Property can be deducted
- Rate of TDS
Total Tax Payable is calculated as per Tax Rates Applicable for Individuals
(Refer this for Current Tax Rates http://www.thetaxinfo.com/2012/04/income-tax-rates-financial-year-2012-2013-asst-year-2013-2014/ )
Divided by 12 months. So much of amount should be Deducted Monthly.
- DUE DATE FOR DEPOSITING TDS:
- If deductor is govt or office of govt- on same day when deducted if not accompanied by income tax challan or otherwise with in 7 days from the end of month in which tax is deducted
- In case of others-with in 7 days from the end of month in which tax is deducted and if tax is deducted in the month of march it should be paid with in 30th of april.
- SURCHARGE RATE IS NIL HOWEVER EDUCATION CESS IS LEIVABLE @3%.
- If TDS does apply or not required to be deducted apply to assessing officer for issuance of certificate and produce the certificate to the payer .
- If the Employee doesn’t provide the PAN then tax should be deducted at 20% or actual tax rate, whichever is higher
- Download PAN Correction Form for Changes in First/Last Name, DOB, etc.
- Statutory Payments Due Date Chart Updated F.Y. 2013-14
- Download Service Tax Forms, Returns, Registration Certificates etc.,
- Updated Cost Inflation Index Chart for Long Term Capital Gains
- How to calculate HRA exemption – Tax Savings
- Residential Status in India under Income Tax Act
+Dilip Kumar(Author, Admin and Editor of The Tax Corner) is a CA Student from Hyderabad, done his Articleship from Ramanatham & Rao, Loves Blogging on Taxation.
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