TDS Rates on Salaries for the FY 2014-15

Sec. 192


 Applicability

Financial Year 2014-15
Asst. Year 2015-16


 

tds Tax Deducted at source on SalariesTaxable point

Payment or date of the entry as salary in books of accounts (accounting) whichever is earlier

Applicability

Only when the salary or/and other sources of income (if declared by employee) in aggregate (read the below para for all includable amounts) after considering chapter VI-A deductions (if any) exceeds the basic exemption limit (refer below slab rate table)


Includable Amounts in Deducting TDS in the hands of employer

    • Employee can declare all his incomes from various sources, losses in house property where employee has paid an interest on housing loan should be considered by the employer in calculating Gross Total Income subsequently reduce his TDS amount. 
    • Other than the said loss in House Property, no other losses can be considered for the calculation of Gross Total Income of the employee for the purpose of deducting TDS.

(Note: Employee can still claim allowable losses while filing his return though)

Rate of TDS

Net Taxable Income

Basic Rate (Including Education Cess)
Resident Senior Citizen above 60 years of age but below 80 years Resident senior citizen above 80 years of age

All other Resident individuals, HUFs, AOPs, BOI, AJP

Up to Rs. 2,50,000

Nil Nil Nil
Rs. 2,50,001 to 3,00,000 Nil Nil 10% * (Taxable Income – 2,50,000)
Rs. 3,00,001 to 5,00,000 10% x (Taxable Income – 3,00,000) Nil 10% * (Taxable Income – 2,50,000)
Rs. 5,00,001 to 10,00,000 Rs. 20,000+ (Taxable Income – 5,00,000) x 20% 20 * (Taxable Income – 5,00,000) 25,000+20% x (Taxable Income – 5,00,000)
Rs. 10,00,0001 & above Rs. 1,20,000+30 x (Taxable Income – 10,00,000) Rs. 1,00,000+30% x (Taxable Income – 10,00,000) Rs. 1,25,000+30% x (Taxable Income – 10,00,000)

 

Note: A Tax Rebate of Rs. 2,000/- is provided u/s 87A in case Total Income declared is less than 5,00,000

Above rate should be increased by 10% towards surcharge if applicable and 3% of education cess in all cases. For detailed explanation of surcharge go here

 

    • Amount arrived as per above table divided by 12 months, So much of amount should be deducted monthly.
    • If TDS doesn’t apply or not required to be deducted, employee can apply for assessing officer for issuance of certificate and produce the certificate to the employer.
    • If the Employee doesn’t provide the PAN then tax should be deducted at 20% or Amount calculated as per above table, whichever is higher.

 

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 within 7 days from the end of month in which tax is deducted
  • In case of others:
Period Due Date
April – February 7th of Following month in which TDS is deducted
March 30th of April

Last updated 17th January 2015

Dilip Kumar

+Dilip Kumar (Author and Editor of The Tax Info) is a Chartered Accountant from Hyderabad, Loves Blogging on Tax related matter.

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17 thoughts on “TDS Rates on Salaries for the FY 2014-15

  • November 8, 2014 at 11:01 pm
    Permalink

    FORM ITR-V has been e-filed on 31.072014. But after filling it is found that, the details given in the computation of income and tax thereon, the coloumn 1 to 6 are not filled.

    There is a taxable income and it is calculate during the running year and TDS is deduted from salary and it is paid to government directly by the organisation.

    As entries at the points (1) to (6) is not displayed, it is noticed only after e-filing. the TDS paid by organisation is arrived as refundable.

    At this condition, I would like to make amendments in the e-filled return.

    Is it possible?

    If possible, What is the procedure for the same? Kindly help me in making the amendment

    Reply
  • August 4, 2014 at 12:33 am
    Permalink

    Anwar Ali
    New Delhi

    my total salary is 10,000/- pm

    should TDS be deducted and at what rate

    Tell me.

    Reply
    • August 6, 2014 at 6:44 pm
      Permalink

      TDS need not be deducted as your annual salary is below basic exemption limit

      Reply
  • July 25, 2014 at 5:58 pm
    Permalink

    no comment sir
    only knowledge update

    Reply
  • Pingback: TDS and TCS Rates Chart for the Financial Year 2012-2013 (Asst. Year 2013-2014) | The Tax Info

  • June 29, 2013 at 4:20 pm
    Permalink

    my total salary is 30,000/- per month with the break up as below:

    Basic – 15,000
    HRA – 12,000
    Conveyance – 3000

    Less PF – 780

    total per month – 29220/-

    should TDS be deducted and at what rate

    Reply
    • June 29, 2013 at 8:23 pm
      Permalink

      Need few details for arriving at the correct TDS amount

      1. Which City do you live in?
      2. How much Rent do you pay?
      3. Any other expenses you paid such as LIC Premium, Mediclaim, etc (if any)

      (Assuming TDS is for Current Financial Year 2013-14)

      Reply
      • July 11, 2013 at 11:42 am
        Permalink

        City – Noida
        Rent – 6000 / mnth
        LIC – premium 22000 a year

        Reply
  • February 22, 2013 at 12:12 pm
    Permalink

    Am working as a physio in a Govt University from the past 2 years and am on a contractual job .My contract gets renewed every 6 moths with a Day’s break.
    My salary is Rs.24,840/pm ..Is TDS applicable on my salary? Presently they deduct Rs.1500/pm and At times they deduct and at times they don’t I am confused

    Reply
    • February 22, 2013 at 12:49 pm
      Permalink

      Can you provide the full details like PF, Prof Tax, and other break up so that I can calculate your tax accurately.
      Nevertheless, from the information you provided, assuming Rs. 24,840/- of salary is after all deductions, your Total Tax for the Financial Year 2012-13 (April’12-March’13) comes to 10,094/-.So the cumulative total of all TDS amounts deducted on different months for this FY 2012-13 should not exceed 10,094/-.

      Provide full breakup of your salary, we will calculate TDS amount accurately.

      Reply
  • April 21, 2012 at 2:59 pm
    Permalink

    please tell me the date of submisson for the tds monthly and quarterly return?it should be deposited on 7th or till last date of next month?

    Reply
  • April 11, 2012 at 2:00 pm
    Permalink

    pl. send me tds on salaries for financial year 2012-13

    Reply
  • March 27, 2012 at 1:24 pm
    Permalink

    you mentioned 43,000 is it monthly are Yearly? please choose

    1) If Monthly salary – applicable tds 10% Your grass salary

    2) If year salary – not applicable tds.

    Reply
  • February 3, 2012 at 9:59 am
    Permalink

    Dear Sir,

    I have get 43000/- salary how much tds deducation please tell me

    Thanking you

    m.Ramesh

    Reply

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