Income from salary.

This query is : Resolved

Sopan Dattatray Pingale (Querist)
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24 January 2014
1.My Cliant is a director of company on the basis of salary 1,00,000/-,the company issued dividend 13-14 974000/- & TDS Cutting 97400(U/S 94J),& monthly TDS cutting on salary U/S 92

my query 1] Can deduct TDS on Dividend

2] after section 94J TDS is right or wrong

3] There right please say how show in income tax return.

Sopan Dattatray Pingale

Sopan Dattatray Pingale (Querist)
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25 January 2014 please reply..................

@VaibhavJ

@VaibhavJ (Expert)
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25 January 2014 Hi

If salary is paid then TDS to be deducted u/s 192 & not u/s 194J

Thx

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Sopan Dattatray Pingale

Sopan Dattatray Pingale (Querist)
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25 January 2014 Thank you sir but

1] on Dividend TDS exempted or if no there all payment calculated tds U/S 92 correct sir

E.G 100000+974000 TDS 92 Salary

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@VaibhavJ

@VaibhavJ (Expert)
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25 January 2014 Hi

Dividend is the payment made by a company to its shareholders or members out of the profit earned by the company.

The company is liable to pay dividend distribution tax @ 15% in respect of dividend so declared.

So, such dividend is exempt from tax in the hands of the shareholders to avoid the double tax treatment.

Thx

Sopan Dattatray Pingale

Sopan Dattatray Pingale (Querist)
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25 January 2014
Thank you sir i can claim refund TDS on dividend in income tax

974000x10%=97400/- Company cutting

claim TDS 97400/- refundable

please reply

@VaibhavJ

@VaibhavJ (Expert)
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25 January 2014 Hi

No you cannot get refund of Dividend Tax paid by company.

Pl note, DDT is 15% u/s 115-O & not 10%

Thx

Sopan Dattatray Pingale

Sopan Dattatray Pingale (Querist)
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27 January 2014
Ok Sir Please say,

1]Which ITR Use for Consolidated income show of Salary+ dividend

2]How Show consolidated Income of Salary+dividend & how TDS Calculate

E.G-Total Income From Salary after all exemption-9,60,000/-

Dividend-974000/- how TDS Calculate.

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@VaibhavJ

@VaibhavJ (Expert)
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27 January 2014 Hi

You can use ITR-1, Tax will be applicable on Salary Income only

Thx

Sopan Dattatray Pingale

Sopan Dattatray Pingale (Querist)
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27 January 2014 Thank You Sir Solved my problem

@VaibhavJ

@VaibhavJ (Expert)
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27 January 2014 Thanks for Acknowledgement.

Sopan Dattatray Pingale

Sopan Dattatray Pingale (Querist)
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29 January 2014
Sir please solve

Sir my Cliant is Employee of Company on the basis of salary of Rs.60000/- & there

FD in Bank of Rs. 2,00,000/-

E.G.- Compnay Cutting TDS Yearly-1,80,000/-

Bank Cutting TDS Rs-18000x10%=1800/-

My Query 1] How Consolidated income Show of Salary & Interest in Income Tax

2]Which Return Use for IT

3] Bank cutting TDS on Interest is refundable.

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@VaibhavJ

@VaibhavJ (Expert)
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29 January 2014 Hi,

Use ITR 1& club both the income & calculate Tax liability balance total TDS by employee & Bank and balance will be refundable.

Thx

Sopan Dattatray Pingale

Sopan Dattatray Pingale (Querist)
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29 January 2014 Sir,

1] i Can Use ITR 1

2] Salary Income in Heading-Income from Salary & interest Heading -Income from other soucers.

3] Calculate TDS Consolidated of Salary+Interest & he will be refundable
Correct sir............

@VaibhavJ

@VaibhavJ (Expert)
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29 January 2014 Perfect.......

Thx

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Sopan Dattatray Pingale

Sopan Dattatray Pingale (Querist)
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29 January 2014 Thanks Sir,

1] Suppose i Invest 1,00,000/- in FD of Bank of Maharashtra for the period 5 Years

2]i Can exemption 1,00,000/- U/S 80c in IT

3]How many limit of FD for rebate of exemption U/s 80

Please reply

Sopan Dattatray Pingale

Sopan Dattatray Pingale (Querist)
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31 January 2014 Sir Please Reply---------------------