Learn how to use a TDS on salary calculator to determine your tax deductions accurately. This guide covers TDS rates, exemptions, step-by-step calculations, ... Example Calculation (FY 2024-25 – New Regime) Gross Salary: ₹10,00,000; Standard Deduction: ₹50,000; Taxable Income: ₹10,00,000 – ₹50,000 = ₹9,50,000; Tax:
Circular No. 03-2025, dated February 20, 2025, and issued by the Central Board of Direct Taxes (CBDT) under the Income Tax Department of India, provides comprehensive guidelines for tax deduction at source (TDS) on salaries under Section 192 of the Income-tax Act, 1961, for the financial year 2024-25 (corresponding to the assessment year 2025-26).
For income up to Rs. 5,00,000, the rebate is Rs. 12,500. Under the new tax regime, for income up to Rs. 7,00,000, the rebate is Rs. 25,000. Conclusion. These amendments significantly impact tax deduction calculations for salaried employees for the financial year 2024-25. Employers and employees should ensure compliance with the updated provisions.
This comprehensive TDS rate chart for FY 2024-25 provides detailed information on thresholds, rates, and applicable sections for different types of payments. ... Auto Income Tax Calculator for FY 2025-26. Signed Blank Cheque Issued Towards Payment Attracts Section 138 NI Act Provisions: SC.
Amendments made vide the Finance (No. 2) Act of 2024, Finance (No. 1) Act of 2024 and Finance Act of 2023 in respect of rates of deduction of income-tax from the payment of income under the head “Salaries” under section 192 of the Income-tax Act, 1961, during the financial year 2024-25
TDS Salary Calculator : Tax Deducted Source Salary 2024-25 TDS (Tax Deducted at Source) Salary Calculator is an important tool that helps salaried employees to understand and calculate the tax to be deducted from their income.
CBDT has issued Circular No. 03/2025 dated 20th February 2025 specifying guidelines for TDS on Salaries for the Financial Year 2024-25. CBDT Circular – TDS on Salaries during FY 2024-25 The Circular contains the rates of deduction of Income-tax from Salaries during the financial year 2024-25 and explains certain related provisions of the ...
The Central Board of Direct Taxes (CBDT) has released Circular No. 3/2025, detailing the income tax deduction from salaries under Section 192 of the Income Tax Act, 1961, for the financial year 2024-25.This circular outlines amendments introduced through the Finance (No. 2) Act, 2024, Finance (No. 1) Act, 2024, and Finance Act, 2023 that impact tax deduction at source (TDS) for salaried employees.
If an employee’s total income after deductions exceeds the taxable limit, TDS must be deducted monthly based on the estimated annual salary. Income Tax Deduction from Salaries Tax Slabs and Rates for FY 2024-25. For the financial year 2024-25, employees have the option to choose between the Old Tax Regime and the New Tax Regime. The TDS ...
CBDT Circular No. 03/2025-Income Tax on Salary TDS : New Rates, Exemptions, and Compliance for 2024-25. Summary: The CBDT has introduced significant updates to income tax deductions on salaries under Section 192 for FY 2024-25.Key changes include revised surcharge rates under the old tax regime, updated tax slabs for the new regime, and expanded definitions of salary and perquisites.
The Central Board of Direct Taxes (CBDT) has issued Circular No. 03/2025 on February 20, 2025, to provide detailed guidelines for income-tax deduction at source (TDS) from salaries under Section 192 of the Income-tax Act, 1961 for the Financial Year 2024-25. This circular consolidates amendments from the Finance Act, 2023, Finance (No. 1) Act, 2024, and Finance (No. 2) Act, 2024.
Get the latest TDS rate chart for FY 2024-25 (AY 2025-26) Become a Govt. Certified GST Practitioner in just 60 hrs. ... Calculation of Income from Salary and Filing their Income Tax Return ... TDS stands for Tax Deducted at Source is a mechanism through which the government collects taxes from the source of income itself. TDS is applicable to ...
Hence, the employer will calculate the net taxable income as per the income tax regime chosen by the employee. Illustrations. Case 1. A resident employee Nikhil (aged 40), who works for ClearTax, is fixed as Rs 1,00,000 per month as salary during the FY 2024-25. Nikhil has invested Rs 50,000 in ELSS funds, Rs 60,000 in PPF, Rs 40,000 in NSC.
Calculation of TDS from monthly salary as per the old tax regime. Particulars: Working: Amount (Rs) Gross Salary : 12,00,000: Less: Standard deduction : 50,000: ... is Rs 12,000 during the FY 2024-25. What will be the monthly TDS amount deducted from the pension? As per Section 192, TDS is required to be deducted on all the monetary amounts ...
*** From FY 2023-24, interest on debentures issued by listed companies is also includedUpdated TDS Rate Chart for FY 2024-25/AY 2025-26. FAQ on TDS rates 1. Is TDS mandatory for companies? Yes, the deduction of tax at source (TDS) on salary is compulsory under section 192 of the Income Tax act. An employer who pays wages to his/her employee must deduct TDS from the salary if the total income ...
As per the TDS section chart, TDS rates for FY 2024 25 for interest on securities under Section 193, if the interest amount exceeds INR 2,500, the TDS rate is 10%. For dividends under Section 194, if the dividend amount exceeds INR 5,000, the TDS rate is also 10%. 5. Are there any changes in TDS rates for FY 2024 25 for online gaming winnings?
Till AY 2024-25, standard deduction was fixed at Rs. 50,000. ... Dividend Income: TDS will apply only if total dividend income exceeds Rs. 10,000 in a financial year. Applicable on both equity and mutual fund dividends. ... c. Commission Income (Section 194D/194H): TDS will be deducted only if total commission or brokerage income exceeds Rs ...
Use this Income Tax Calculator to estimate your tax for 2025-26 based on India's latest tax slabs. Get a detailed breakdown of your tax liability. ... the 2024 regime, and the new 2025 tax slabs: Income (₹) ... Our calculator takes into account the latest tax slabs for the financial year 2025-26, providing you with an accurate estimate of ...
