TDS on Salary Calculator | Calculation of TDS on Salary | Tax Deduction at Source

TDS on Salary Calculator | Calculation of TDS on Salary | Tax Deduction at Source
In this video by FinCalC TV we will see how to calculate TDS on salary on monthly basis in hindi. After watching this video you'll be able to understand how much income tax or TDS will be deducted from your monthly salary. TDS full form is Tax Deduction at source.
Tax Deducted at Source or TDS is the amount which is deducted from the income of an individual by an authorised deductor and deposited to the IT department. Calculation of TDS on Salary can be easily done using the excel calculator explained in this video.

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CHAPTERS:
00:14 TDS on Salary Intro
01:30 Salary Slip components
03:30 Calculating Gross Earnings
03:50 Calculating Gross Deductions
04:15 How to Calculate in hand Salary
07:10 Income Tax Calculation on Gross Earnings
11:15 Calculating Income Tax in Excel
14:29 Example 1 Calculation of TDS on Salary
17:25 Example 2 TDS on Salary Increment
23:55 More excel calculators
25:13 TDS on Salary Conclusion

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What is TDS on Salary?
TDS on salary means that tax has been deducted by the employer at the time of depositing the salary into the employee's account. The amount deducted from the employee’s account is deposited with the government by the employer.

How to calculate TDS on Salary every month?
TDS on salary is deducted based on the total income tax you are liable to pay in a financial year. Income tax is calculated based on your taxable income which is calculated by deducting your all deductions from gross earnings. Watch full video to understand step by step process of TDS on Salary calculation with excel calculator.

While the basic salary is fully taxable according to respective tax bracket, some exemptions are available for payments made as allowances and perks. You can calculate TDS on your income by following the below steps.

1. Calculate gross monthly income as a sum of basic income, allowances and perquisites.
2. Calculate available exemptions under Section 10 of the Income Tax Act (ITA). Exemptions are applicable on allowances such as medical, HRA, travel.
3. Reduce exemptions according to step (2) for the gross monthly income calculated in step (1).
4. As TDS is calculated on yearly income, multiply the corresponding figure from above calculation by 12. This is your yearly taxable income from salary.
5. If you have any other income source such as income from house rent or have incurred losses from paying housing loan interests, add/subtract this amount from the figure in step (4).
6. Next, calculate your investments for the year which fall under Chapter VI-A of ITA, and deduct this amount from the gross income calculated in step (5). An example of this would be exemption of up to Rs.1.5 lakh under Section 80C, which includes investment avenues such as PPF, life insurance premiums, mutual funds, home loan repayment, ELSS, NSC, Sukanya Samriddhi account and so on.
7. Now, reduce the maximum allowable income tax exemptions on a salary. Currently, income up to Rs.2.5 lakhs is fully exempt from paying taxes, while income from Rs.2.5 lakhs to Rs.5 lakhs is taxed at 5%, and Rs.5 lakhs to Rs.10 lakhs income bracket is taxed at 20%. All income above this amount is taxed at 30% according to Old Tax Regime.
8. Do note that senior citizen have different tax slabs and receive higher exemptions than those discussed above.

#TDSonSalary #Calculator #TDSCalculation #FinCalC #Excel

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DISCLAIMER:
Examples and demo used are for Illustration purpose only and might not cover every detail of examples shown. It is advised to seek professional help before taking any financial decisions. The owner of this channel shall not be liable in any way.

[fincalc]

TDS on Salary video aapko kaisa laga? COMMENT KARO 👇🙂

[saawanpatra]

Sir, you are the best in every topic. It's help me in every aspects very simply. Thank you Sir.

[manojkumar-nevx]

Can you share this TDS excel sheet via link for our tds calculation?

[fragrenceful]

Jaisa calculation TDS ka aapne show kiya hai vaisa calculation company nahi karti, company estimated yearly salary per after standard deduction and sec 80c investment deduction jo amount rehta hai uske upar income tax slab wise k hisab se taxable amount nikalti hal hai and then monthly average TDS nikalke gross salary may se deduct karti hai so every month different amount of TDS cut hota hai, so this company deduction method se AAP Excel sheet create kar sakte ho? If you are able to solve this then only create Excel sheet and make a video for benefits of every company, 's salary person, i request you to calculate as per company standard estimated calculation method and send us Excel sheet asap thanks

[murmurrakesh]

Hai Sir, Maximum Salary for without TDS? ThanQ

[tvslaxmihr]

where is the excel sheet, plz add the excel sheet so it's helpful for us.

[phenom]

No excel sheet attached with this video. Kindly share it. Thank You.

[spec]

Why not applying standard 50000 deduction ? In this case
Actually I’ve a doubt standard deduction everyone can be applicable bs new employee can applicable? Gross ctc 550000

[fragrenceful]

Sir please solve my problem as mentioned below,
My gross salary for whole year in May 22 is 671324 minus 52500 is prof tax and standard deduction and minus investment amount is 95334, so taxable amount arrive is 523499 on this tax is 17200 but they have deducted 2513 for may22 and again shows message that spot tax including SC and cess RS 520
deducted on RS 2552, so please explain me how this tax AMT 2513arrivedand how to calculate spot tax and how to decide amount for spot tax? Please send me complete procedure for this queries asap, thanks in advance

[dalviankita]

How can we calculate tds amount on net salary ( ie on in hand salary)

[arshiyamundhe]

Ohh my god first time i used internet and mobile for a right purpose ❤ thank you so much sir for adding so much value or apka sikhane kaa andaz b bht acha h skip krne kaa Dil zara b nhi krta hai baki logo k videos to dekne ka bhi Dil nhi krta 😅

[Shahid]

quartly calcutaion karo or har month ek jaisa salary nahi hota hai final calcultion nahi

[aartik]

TDS ke liye Annual Income kitna hona chahiye??

[dharanidhardeka]

60 years ka defence pensioners ka tds calculation ki video dijie pl

[laxmikantyadav]

TDS KAB KTATA H... ESE HI KAISE PURE SAL TDS KAT DIYA AAPNE... WRONG

[jyotibamniyapl]

TDS leps hota he kya sir, , ,kitne time me nikala ja skta he

[azimpatel]

I have 4.6 lpa package as per new law my deduction will be 5% as per financial year 22-23 but your calculator showing nothing

[ss]

Hello sir 🙏
I have doubt
I have seen a payslip(₹29333)CTC is 3, 40000/- of one company, where they shown TDS -0 in that
Is that mean company didn't cut TDS