TDS or Income Tax
This query is : Resolved
27 February 2009
Employee works in a company from Apr1 2008 to
March31, 2009.
But he receives his annual salary of 600000Rs on Apr 10, 2009.
Will this constitute under Income Tax or TDS?
Please provide with sections.
March31, 2009.
But he receives his annual salary of 600000Rs on Apr 10, 2009.
Will this constitute under Income Tax or TDS?
Please provide with sections.
27 February 2009
Salary is taxable on due basis, so is the TDS. So taxable in FY 2008-09.
Is this a practical case? If not, then please try to put practical problems instead of such hypothetical cases.
Is this a practical case? If not, then please try to put practical problems instead of such hypothetical cases.
27 February 2009
This is a practical case. Sec 15 says, Tax is on "due basis or receipt basis whichever is earlier"
but, some section forces the company to deduct TDS mandatory.
So i am having confusion.
but, some section forces the company to deduct TDS mandatory.
So i am having confusion.
27 February 2009
Obviously, TDS is also deductible when salary is due. Where is the confusion? When the salary is due, tds is deducted. When you file the ITR, you adjust that TDS with the income tax payable on salary on due basis itself. No point of confusion between the two. Please clearly explain your doubts, i think i am not getting your exact point.
28 February 2009
Okay. Thank you. I am doing PCC and new to TDS. So i have got such basic doubt.
You clarified me. Thanks again yo you and caclubindia
You clarified me. Thanks again yo you and caclubindia
28 February 2009
please ref sec 192 of income tax act. it simply says that Tax on salary is deductable only on payment. So TDS on above salary as and when salary paid.
28 February 2009
Dear,TDS is applicable once salary(In this case)is booked & Entry Made.If the salary is paid in 2009-10 how TDS can be deducted & Paid in 2008-09( FY).Mr Tarun ,How to adjust ,If the payment is made in 2009-10.TDS will be deducted in 2009 April and deposited on due date.
28 February 2009
But salary is for the period of 2008-09. Its correct that payment is made in APril 2009, but its a practical assumption that it must be made due on every month basis. Thats why I said that TDS should be deducted in 2008-09.
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