Tds on salary
This query is : Resolved
prakash phondekar
(Querist)
19 April 2012
Hi all,
I have a coleague working whose salary is Rs. 35000. is it possible by law to deduct TDS may be in the december and give her total salary for now.. she wants to say she will be doing investment in december.
I have a coleague working whose salary is Rs. 35000. is it possible by law to deduct TDS may be in the december and give her total salary for now.. she wants to say she will be doing investment in december.
19 April 2012
Not possible, but she can make an application to his Assessing Officer for deduction of tax at a lower rate or non deduction of tax.
The application has to be made in Form No.13.
IF AO satisfied then, he may issue certificate in Form No. 15AA providing for deduction
of tax at lower rate or no deduction of tax.
Please obtain copy of Form No.15AA for your record. Then no need deduct TDS.
The application has to be made in Form No.13.
IF AO satisfied then, he may issue certificate in Form No. 15AA providing for deduction
of tax at lower rate or no deduction of tax.
Please obtain copy of Form No.15AA for your record. Then no need deduct TDS.
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prakash phondekar
(Querist)
19 April 2012
so that means i cannot pay her 35000 every month ?
I need to deduct TDS from 35000 and then pay ?
and how much shall i deduct TDS from 35000 and pay ?
I need to deduct TDS from 35000 and then pay ?
and how much shall i deduct TDS from 35000 and pay ?
CA Kishore Tallam
(Expert)
19 April 2012
She can make investment whenever she want. But tax has to be deducted based on estimated total income of the employee.
U need to obtain a declaration from the employee abt her savings and investments and Rent paid and any income under HP.
Based on this, u need to computer her total tax liability and divide it by 12 and deduct the same on monthly basis. Else, it will be non compliance.
U need to obtain a declaration from the employee abt her savings and investments and Rent paid and any income under HP.
Based on this, u need to computer her total tax liability and divide it by 12 and deduct the same on monthly basis. Else, it will be non compliance.
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19 April 2012
Agree with Kishore, You need to obtain above mentioned information and deduct tax on such accordingly.
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prakash phondekar
(Querist)
19 April 2012
Thanks a lot kishore ..
Thanks a lot Dileep ..
I really appreciate it ..
Thanks
Thanks a lot Dileep ..
I really appreciate it ..
Thanks
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