Deduction of tds
This query is : Resolved
22 March 2012
Being Accountant I wish to know that whether Repayment of House loan and interest on house loan is to be considered or not by the Deductor (Employer) for the purpose of calculation of TDS on salary.
Whether service and other levy charges paid on premium of LIC and other policy are to be considered or not as part of premium for the purpose of TDS deduction
Whether service and other levy charges paid on premium of LIC and other policy are to be considered or not as part of premium for the purpose of TDS deduction
23 March 2012
Dear Sushil
For Calculation of TDS on salary paid to employee by the employer. It is required to calculate the total estimated taxable income income after allowing eligible deduction Under Chapter VI of income tax act i.e. Sec.80c to 80U of employee is required.threfor repayment of house loan for which emplooye is eligible to get deduction U/s 80C & Interest on housing loan for which employee is eligible to get deduction under house property income. from the above it very clear for calculation TDS liability repayment of housing Loan & interest on housing loan will be required to consider.
For Calculation of TDS on salary paid to employee by the employer. It is required to calculate the total estimated taxable income income after allowing eligible deduction Under Chapter VI of income tax act i.e. Sec.80c to 80U of employee is required.threfor repayment of house loan for which emplooye is eligible to get deduction U/s 80C & Interest on housing loan for which employee is eligible to get deduction under house property income. from the above it very clear for calculation TDS liability repayment of housing Loan & interest on housing loan will be required to consider.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- RCM INVOICING FROM NOV-2024
- Sale of property furniture sale
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Tds on building rent monthly
- Confusion around Form 26QB fields
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- TDS under section and rate of TDS
- GST input on scooter purchased
- TDS under section 194Q and TCS under section 206C
- GST input on car insurance and repairs
- GST input on Diwali gift to employee
- GST input on Mobile Handset
- Material and freight in same invoice
- TDS under section 194J inclusive of reimbursement of expenses
- TDS on Material and Labour in same invoice
- Should I be worried about and rectify reporting Jan,Feb ,March 2024 foreign salary in schedule FA?
Trending Online Classes
CAclubindia
