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Querist : Anonymous

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Querist : Anonymous (Querist)
03 August 2011 dear

if person have salary 50000/- pm but some of his salary deducted bcz of penlty like late come etc. and he get 40000/- which amt is liable to tax 50000/- or 40000/- and on what amt tds should be deducted by co. 50000/- or 40000/-.

thanks.

Regards.
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CA krishna Kamthe

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CA krishna Kamthe (Expert)
03 August 2011 salary Tds is Payable on Payment Basis i e when salary is paid that time tds is to deduct and tds is on salary debited to salary accounts i e rs 40000 as employer is incurred that much expencess only.
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C A S.S.Agarwal, M.Com.,LL.B,

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C A S.S.Agarwal, M.Com.,LL.B, (Expert)
03 August 2011 Taxable Salary is 40000 and Tds is also to be deducted on 40000. TDS cannot be deducted on presumption
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