TDS on Salary
This query is : Resolved
28 July 2020
I am proprietor paying salary to Mr.A Rs.372000.00 and Mr.B Rs.283000.00 in the FY 2019-20.
My question
(i) Should I have to deduct TDS or not?
(ii) what is the amount of TDS?
Please reply
My question
(i) Should I have to deduct TDS or not?
(ii) what is the amount of TDS?
Please reply
28 July 2020
One needs to deduct TDS, if salary after permissible deductions exceeds minimum amount chargeable for tax., that is 250000. Ask your employess if they have made investments in insurance premiums, medi claim, house property loan etc. If after deductions there salary exceeds 2,50,000/-, then you have to deduct TDS at average rate.
28 July 2020
NO TDS Shall be deducted as Salary after deductions is under 500000/-
28 July 2020
No need to deduct income tax since taxable income is less than Rs. 5,00,000/- Please refer CBDT circular 4/2020 dated 16-01-2020.(example-1 ,page 49)
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