how do i calculate tds on salary.?



i am working in pvt. company. how do i calculate tds on salary(rs.30000/-per month) of an employee (male)joint on sept. 2007 ? do i have to multiply salary with 12 months or 7 months(sep to march)?

how do i calculate tds on salary.?
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One Reply to “how do i calculate tds on salary.?”

  1. For calculating TDS ; first deduct the Tax Savings from the Salary .

    This would be the amount in PPF, Insurance Policies Premium , ELSS or Mutual Funds Investments under Section 80C or 80CC .

    The Mediclaim would be under Section 80D .
    This would be considered even If the amount is above Rs. 1 Lakh

    But it is subject to a Max of Rs.10,000 /-
    or Rs. 15000/- for a Senior Citizen.

    Then on the rest of the amount; the tax would be @ 20% of the remaining amount .

    Rest you can search for an income Tax Calculator on Income tax Site or some other Site .





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