Advance salary
This query is : Open
13 October 2009
Hello
A company has paid advance salary to its employees. Should TDS be deducted on the same.
Further, is advance salary allowable expenditure in the year of payment for the company.
Regards,
Jyoti
A company has paid advance salary to its employees. Should TDS be deducted on the same.
Further, is advance salary allowable expenditure in the year of payment for the company.
Regards,
Jyoti
13 October 2009
TDS on Salary is applicable on payment basis. So, whenever you pay it, you need to deduct TDS, even if it is advance. And Salary in a company is booked on due basis. You should book the salary for all months and that shall be allowable expenditure. Advance can be adjusted only against that due salary. Deduction shall be of the salary due to that employee. I hope I am clear.
13 October 2009
TDS is deductible on payment basis for section 192. So, TDS has to be deducted for Advance Salary also.
Advance salary is not an allowable expenditure it comes under asset head Loans and advances against which salary due to employee has to be adjusted.
Advance salary is not an allowable expenditure it comes under asset head Loans and advances against which salary due to employee has to be adjusted.
13 October 2009
agree with the experts
03 November 2009
THANKYOU FOR THE REPLY.
SHOULD PROFESSIONAL TAX BE DEDUCTED ON ADVANCE SALARY PAID OR IT SHOULD BE DEDUCTED ON DUE BASIS WHEN ADVANCE SALARY IS ADJUSTED FROM MONTHLY SALARY
SHOULD PROFESSIONAL TAX BE DEDUCTED ON ADVANCE SALARY PAID OR IT SHOULD BE DEDUCTED ON DUE BASIS WHEN ADVANCE SALARY IS ADJUSTED FROM MONTHLY SALARY
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