Wednesday, October 5, 2011

HOW TO CALCULATE TDS ON SALARY COMPLETE GUIDE FY 2011-12


By on 7:31 PM

A complete Guide :How to calculate TDS on salary has been released By income tax department vide circular no 5/2011 for the financial year 2011-12. This circular is compilation of earlier circular /Notification /Act/Rules related to Tax on salary  income and proves to be handy for both salaried employees as well as for employers.This circular has covered following issues related to TDS/TAX on salary income.

1. General
2. Finance Act, 2011
3. Section 192 of Income-tax Act 1961
4. Persons responsible for deducting tax and their dutie
5. Estimation of income under the head “Salaries”
5.1 Income chargeable under the head “Salaries”
5.2 Incomes not included in the head “Salaries” (Exemptions)
5.3 Deductions u/s 16 of the Act (Standard Deduction)
5.4 Deductions under Chapter VI-A of the Act
6. Calculation of Income-tax to be deducted
7. Miscellaneous
Annexures
I. Examples
II. Form No. 12BA (as amended)
III. Revised procedure for furnishing qtly e-TDS/TCS statement by deductors/collectors
IV. Person responcible for filling Form 24G in case
Of State Govt Departments/Central Govt Departments
V. Deptt. of Eco. Affairs Notification dated 22.12.2003
VI. Board's Notification dated 24.11.2000
VII. Board's Notification dated 29.1.2001
VIII. Form No. 10 B A
IX Board Notification dated 9.9.2010(Infrastructure Bond)
X. Board Notification dated 11.06.2010(Gratuity)
X. Board notification dated 31.05.2010

Download TDS ON SALARY complete circular.

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