In India the salaried class is one of the most important source of income tax. The income tax structure in India is progressive which means it increases as the taxable income increases. As a result, most salaried individuals fall under the highest slab rate (30%) which leads to higher income tax liability on them. The table below lists the salary and tds credit table and tds slabs in india.
Tax Deduction at Source (TDS) is a statutory provision under the Income Tax Act of India requiring businesses to collect income tax at the time of credit of any amount to the bank account of their customers. This article describes how TDS is calculated on salary income and also explains with an example.
Calculation of tds on salary with example
In this blog on TDS on salary, we talked about as TDS takes care of your taxes. As per the income slab, the percentage you need to pay as tax is calculated. Calculating tds on salary can be confusing, but thanks to Government and bank websites that calculate the TDS amount for you. However, you can also calculate the amount of tds yourself. You can check it here: http://www.tdesala.in/. Mytrendinpoint hope you all likes this article…
Conclusion: In this article, we learned about tds on salary. We also know the methods to calculate tds on salary . If you want to find more information from this topic, you can ask by commenting your queries in the comment section.
The complex calculation of tds on salary requires you to use different formulas, some of which can change from year to year. If done incorrectly, you could lose out on a significant amount of potential tax deductions. Fortunately, by following the steps outlined above, you can quickly and easily calculate your taxable income and ensure that your tax deductions are accurate.
In this post we have discussed how to calculate your tax on salary. It is as simple as adding your different taxable incomes,TDS on taxable incomes and then deducting any deductions you are eligible for like HRA, PPF and others to arrive at your final tax amount which has to be paid before the due date. We have also discussed things like when to file taxes?
Through this report i am trying to make income tax calculator very easy and simple as possible for normal people as well as for expert by using which we can calculate our tax very easily.
None of the tax slabs have been raised. However, since the existing tax rate of 15 percent is not applicable to incomes below Rs 2.5 lakh and the new slab of 20 percent will be applicable for incomes between Rs 2.5 lakh to Rs 5 lakh, there could be a marginal tax saving for those who fall in that category. Beyond that, the range remains unchanged at 10 percent and 15 percent.
