Tds on salaries
This query is : Resolved
15 September 2012
CAN ANYONE SOLVE THIS PROBLEM, THAT IS IT MANDATORY BY ANY PROVISION OF IT ACT TO DEDUCT TDS ON SALARIES FROM EVERY MONTHS SALARIES ? IF YES THEN HOW I CALCULATE THE MONTHLY TDS FROM THE EMPLOYEES SALARY? PL EXPLAIN IT
15 September 2012
There is not provision in IT act that deduct tax from every month salary. Once it crossed basic exemption limit and after considering deuctions then only we should deduct tax u/s 192.for detailed discussion plz read sec-192 of INCOME TAX ACT
Message likes :
1 times
15 September 2012
Yes..it is mandatory to deduct the TDS on month to month basis.. since the salary is beinf paid on monthly basis which means income in the hands of the employees is accruing every month.
Once the income is accrued in the hands of the assess and TDS provisions are there for such transactios then it will be deducted on the basis of accrual of income.
for calculating TDs on monthly salary, you need to estimate the salary of the employee for the whole of the year and deduction under chapter VI-A, if declared, has to dedcuted from such salary and calculate TDS on such salary for each and every employee.
TDS of the year is to be devided by 12 to arrive at salary for the month.
Once the income is accrued in the hands of the assess and TDS provisions are there for such transactios then it will be deducted on the basis of accrual of income.
for calculating TDs on monthly salary, you need to estimate the salary of the employee for the whole of the year and deduction under chapter VI-A, if declared, has to dedcuted from such salary and calculate TDS on such salary for each and every employee.
TDS of the year is to be devided by 12 to arrive at salary for the month.
Message likes :
1 times
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
- Sale of property furniture sale
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- RCM INVOICING FROM NOV-2024
- Confusion around Form 26QB fields
- Tds on building rent monthly
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- 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
