Need clarification regarding tds on salary

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

28 May 2014 Sir,

I want to confirm while deducting tds on salary a co. has to consider the slab of Rs.200000.00 or has to consider a rebate f Rs. 2000.00 ????????

also confirm what if co. doesn't took form 15G from employee but employee showed to co. his lic & tution fee receipt and after that his salary is below taxable limit ????

CA Nilesh P. Kanodia

CA Nilesh P. Kanodia (Expert)
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28 May 2014 Dear Friend,

1) Yes, Company has to consider the slab of Rs. 2 Lakhs and rebate of Rs. 2000.

2)if salary is below taxable limit for possible deduction then no need to deduct TDS.

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Rupesh Jain

Rupesh Jain (Expert)
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28 May 2014 you have to take all investment proof or investment detail and also consider tax slab and deduction u./s 80C and also deduction u/s 87a Rs.2000/- if employee taxable salary below Rs. 5 lacs.

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Querist : Anonymous

Querist : Anonymous (Querist)

29 May 2014 THANKS ALOT NILESH & RUPESH SIR...

SIR CAN YOU CLARIFY 1 MORE THING WHETHER WE HAVE TO SHOW ENTRIES IN TDS RETURN IF AFTER LIC IT IS NON TAXABLE ????

AND WHAT IF WE DIDN'T SUBMIT THE SAME BUT OBTAIN PROPER DEDUCTION RECORDS FROM EMPLOYEE...????