Tax Deducted At Source

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Sreenivas

Sreenivas (Querist)
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16 October 2008 Dear Professionals,

Please provide me section 192 details.

Regards,
Sreenivas.S.R

Guest

Guest (Expert)

16 October 2008 sec 192 deals with TDS on salary
when any company gives salary to any person then it is the liability of company to deducte the tax on his salary
TDS on salary is calculated on his annual salary according to manthly salary basis.
if employee provide the documents of different section like 80c, Rent receipt etc. then it may also be taken his account . when his annual tax calculated then it is deducted every month from his salary. if employee provides otherincome statement then it may also be taken.

Sreenivas

Sreenivas (Querist)
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16 October 2008 Thank You Gourav, I know this but the payments terms and conditions. because we made a provision in the month of August31but the salary paid on 10 th of September, is there any liablity to pay the TDS - on salaries with in 7th of September or 7days after the salary payment. it clearly mentioned in the sec 192 or not. one more thing for the bonus - 2007-08 provision made in last year but paid in august. shall we liable to pay the TDS on bonus within 7th of April or after the payment of bonus within 7 days. I want this clarification. please help me out.
Thanking you,
Sreenivas.S.R.

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Guest

Guest (Expert)

16 October 2008 Dear there is rule that tax should be deducted on payment or credit whichever is earlier but in the case of salary tax is deducted when PAID NOT CREDIT. So as u told me that u made the provision in the month of august but paid in september month so liability to deposite TDS is upto 7th Oct. And another thing about bonus. Bonus is always form the part of salary so rule of salary will be applicable and will be treated according to PAYMENT BASIS(MY OPINION)

Sreenivas

Sreenivas (Querist)
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16 October 2008 Thank u Gourav, As I got the message from one of our CA Friends, that when we made the salary i.e. 10th September, august month salary after that within 7 days we have to pay the tax. this is only in Salary accounts. thats why i want to clarity this with this forum from experts. If any experts comment on this will be better. Any way thanks for your opinion.
Best Regards,
Sreenivas.s.R.