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Transcript

Employee Company Job 50000 pm Cheque 50000 1950 TDS=48050 How is This TDS Calculated? How does Employee Fill ITR Amt Monthly Salary 50000 Annual Salary Less: Standard Deduction Income From Salaries Income from House Property Income from Other Sources Gross Total income Less Deduction Under Chapter VIA 80C Net Total income Tax Rebate Net Tax Cess @ 4% Tax+Cess TDS(TAX+CESS/12) 600000 50000 550000 0 0 0 550000 22500 0 22500 900 23400 1950 Annual Salary 600000 Less: Standard Deduction Income From Salaries Income from House Property Income from Other Sources Gross Total income Less Deduction Under Chapter VIA 80C Net Total income Tax Rebate Net Tax Cess @ 4% Tax+Cess Less Annual TDS (1950*12) Balance Tax 50000 550000 0 0 0 550000 22500 0 22500 900 23400 23400 0

About the Author

CA Maninder Singh's photo - Expert in Practical Accounts, Taxation and Efiling
CA Maninder Singh
CA Maninder Singh is a Chartered Accountant for the past 10 years. He also provides Accounts Tax GST Training in Delhi and Pune.