Wednesday, October 10, 2012

HOW TO CALCULATE TDS-TAX ON SALARY FY 2012-13 AY2012-13


on Wednesday, October 10, 2012

SECTION 192 OF THE INCOME-TAX ACT, 1961 - DEDUCTION OF TAX AT SOURCE - SALARY - INCOME-TAX DEDUCTION FROM SALARIES UNDER SECTION 192 DURING THE FINANCIAL YEAR 2012-13 

CIRCULAR NO. 8/2012 [F.NO. 275/192/2012-IT(B)], DATED 5-10-2012 

Reference is invited to Circular No. 05/2011, dated 16-8-2011 whereby the rates of deduction of income-tax from the payment of income under the head "Salaries" under Section 192 of the Income-tax Act, 1961 (hereinafter 'the Act'), during the financial year 2011-12, were intimated. The present Circular contains the rates of deduction of income-tax from the payment of income chargeable under the head "Salaries" during the financial year 2012-13 and explains certain related provisions of the Income-tax Act, 1961 (hereinafter the Act) and Income-tax Rules, 1962 (hereinafter the Rules). The relevant Acts, Rules, Forms and Notifications are available at the website of the Income Tax Department- www.incometaxindia.gov.in. 

2. RATES OF INCOME-TAX AS PER FINANCE ACT, 2012: 
As per the Finance Act, 2012, income-tax is required to be deducted under Section 192 of the Income-tax Act 1961 from income chargeable under the head "Salaries" for the financial year 2012-13 (i.e. Assessment Year 2013-14) at the following rates:

Download Full circular 8/2012 dated 05.10.2012 On salary TDS at end of this Post.







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  1. Dear Sir,
    please provide me TDS Salary calculation format in Excell format (Computation).
    our E- mail ID is jaiprakash@renaissancecr.com,jsingh043@gmail.com
    it will be very kind of you.

    ReplyDelete
  2. THANKS FOR GIVEN IMPORTANT INFORMATION

    ReplyDelete
  3. THANKS FOR GIVEN IMPORTANT INFORMATION

    ReplyDelete
  4. HELPING FOR DEDUCTION/PAID TAX & SUBMIT INCOME TAX RETURN.

    ReplyDelete
  5. We have taken Home Loan from the LICHFLTD,I am co-applicant with my son.The property is in joint name with my son.My question is that can I show the entire amount of interest to my income tax statement or not?
    The interest amount is not required show to save the income tax for my son.-Ramendu Narayan Datta

    ReplyDelete
    Replies
    1. If you are the sole 100% owner of the house then you can claim 100% interest , otherwise interest is to be divided between you and your son in ownership ratio.

      Delete
  6. Thank you for your information

    ReplyDelete
  7. We have taken Home Loan from the LICHFLTD,I am co-applicant with my son.The property is in joint name with my son.My question is that can I show the entire amount of interest to my income tax statement or not?
    The interest amount is not required show to save the income tax for my son.-Ramendu Narayan Datta

    Read more: http://www.simpletaxindia.net/2012/10/how-to-calculate-tds-tax-on-salary-fy.html#ixzz2GVXSbNoi

    ReplyDelete
    Replies
    1. Technically , you can claim house interest in the ratio of house ownership only

      Delete
  8. sir,
    please send me a formatof calculation of salary tax in excel format.\

    ReplyDelete
  9. Kindly provide me TDS on Salary calculation in excel format. My mail Id is bhardwajrohtak@gmail.com

    ReplyDelete
  10. Kindly provide me the TDS Salary calculation in excel format.

    ReplyDelete