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A TDS calculator is an easy-to-use online calculator that enables you to verify if the right TDS amount has been deducted from your salary by the employer. It also helps determine whether you are liable to deduct TDS on a particular transaction if you are rendering some services.
Navi’s TDS calculator carries a user-friendly design and is extremely easy to use. All you need to do is enter the relevant information and the calculator will display the TDS amount.
The percentage of TDS deductible is decided by the Government of India and the states depending upon the type of goods or services that the transaction is being made towards. Employers deduct TDS on the salary of employees at 10-30% depending on the total income of the employee, companies deduct TDS on services based on various tax slabs, and then, the collected TDS is deposited with the government.
When using the Navi TDS calculator, you may follow the below steps:
The general formula used to calculate TDS is given below:
Average Income Tax Rate = Income Tax Payable (computed through slab rates) / Estimated income for the financial year.
Different goods and services have different tax slabs and the minimum threshold for TDS applicability. The rules also change intermittently. The Navi TDS calculator is always primed and equipped with the latest updates.