TDS

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

17 February 2011 We are a small partnership firm. This Year (F.Y 2010-11) Upto Jan,2011 we have alrady paid Salary to Mr. Amit Biswas (Designer) Rs. 1,78,466.00(Inclu. Bonus Rs. 15,000) and also Deduct P.F 9,208 & P.Tax.1240 .

We hope additional Salary of Rs. 31,000/ paid to A. Biswas and DeductRs.2120 for P.F and P.Tax Purpose last two month.

He (Amit Biswas) said to us that he given Rs. 40,000 NSC (This Year).

So please suggest us Can We deduct TDS to Amit Biswas.

Sunil Kr. Sanganeria

Sunil Kr. Sanganeria (Expert)
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17 February 2011 Tax liability of Amit Biswas will be as follows:

Salary 178466
Additional Salary 31000
Total Salary 209466
less P.T. 1240
Gross total Income 208226
less u/s 80C for P.F. 11328
Taxable Income 196898

Tax on Taxable Income 3690

You have already deducted Tax of Rs.9208. So you are not required to deduct any tax further

If Amit submit NSC certificate to the Company, allow him deduction u/s 8OC.

After allowing NSC his tax liability will be zero.

Issue him TDS certificate accordingly. He will cliam refund while filing his IT return