Tds on wages

This query is : Resolved

Kunal Mittal (Querist)
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27 January 2014 We are a manufacturing firm and have workers on our pay roll. What is the maximum limit of wages after which we have to deduct TDS.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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27 January 2014 Section 192 applicable. Applicable individual imcome slab to be considered for calculation of TDS amount.

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AVTAR SINGH

AVTAR SINGH (Expert)
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27 January 2014 Maximum limit on which TDS is not deductible for FY 2013-14 is Rs.220,000+admissible deduction under section 80C/80D etc.

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Neljo Davis ACA

Neljo Davis ACA (Expert)
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30 January 2014 The basic exemption limit is still Rs.2.5 lakh for senior citizens and Rs.2 lakh for others. Section 87A of the Income Tax Act, 1961 allows REBATE of upto Rs. 2,000/- from the income tax payable, if total income does not exceed five Lakhs rupees.