tds
This query is : Resolved
18 October 2010
we have paid salary of rs 22000 p.m to directors, i wud like to ask whether tds will be deducted on these payments or not as after getting deductions u/s vi-a total amount paid as salary is exempt,
we have not deducted tds for the ist 2 quarters for the financial year 2010-11, accordingly we have not filed the returns
now if tax has to be deducted, then what will the solution for ist two quarters
we have not deducted tds for the ist 2 quarters for the financial year 2010-11, accordingly we have not filed the returns
now if tax has to be deducted, then what will the solution for ist two quarters
18 October 2010
No As the total TAX LIABILITY WILL BE NIL as u have computed than u r not required to deduct the TDS. Kindly obtain a declaration form of eliglbe investments from the Employee and held it on record!
18 October 2010
You need to follow the same procedure for deduction of tax at source from salary to directors as you are following for ordinary employee. No need to deduct tax if no taxable income. Please keep the documents in file as advised by Ashish.
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