When employees declare their TCS/TDS details in greytHR, the declared amounts are automatically adjusted against their overall tax liability. This ensures accurate tax calculations and equitable tax distribution over the remaining months of the financial year.
Example
Annual Tax Liability: ₹1,00,000
Declared TCS: ₹10,000
Declared TDS: ₹20,000
How it works:
Total Tax Paid Till Date: ₹30,000 (TCS + TDS).
Remaining Tax Liability: ₹1,00,000 - ₹30,000 = ₹70,000.
Monthly Deduction: The remaining ₹70,000 is distributed equally across the months left in the financial year.
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Related Links:
Video -To watch the video on Income Tax, click here.
FAQs - To read more FAQs about TCS/TDS Declaration, click here.
Documentation - To read more about the Income Tax page, click here.
Product Update - To read our product update, click here.
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