TDS
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
17 February 2011
We are a Partnership Firm, Please Suggest us that can we deduct TDS for this employee Mr. Somnath Ghosh :
Financial Year 2010-11
Salary (April to january,11) Rs. 1,53,466.00
bonus Rs. 15,000
Deducted P.F(April to january,11)9208.00
Deducted P.Tax(April to january,11)1240.00
ADDITIONAL Salary (Feb to March,11) 31,000.00
Deductable P.F(Feb to march,11)1,860.00
Deductable P.Tax (Feb to march,11)260.00
He(Somnath ghosh) already given us (dated 31/12/2010) Xerox Copy of NSC(Nation Saving Certificate) Rs. 35,000.00 for this Financial Year
So please suggest us immediately Can We deduct TDS to Somnath Saha
Financial Year 2010-11
Salary (April to january,11) Rs. 1,53,466.00
bonus Rs. 15,000
Deducted P.F(April to january,11)9208.00
Deducted P.Tax(April to january,11)1240.00
ADDITIONAL Salary (Feb to March,11) 31,000.00
Deductable P.F(Feb to march,11)1,860.00
Deductable P.Tax (Feb to march,11)260.00
He(Somnath ghosh) already given us (dated 31/12/2010) Xerox Copy of NSC(Nation Saving Certificate) Rs. 35,000.00 for this Financial Year
So please suggest us immediately Can We deduct TDS to Somnath Saha
17 February 2011
No... TDS should not be deducted.
17 February 2011
If you calculate his taxable salary its :
153466+15000+31000-1240-260 = 197966/-
Deduction under 80C=9208+1860+35000= 46068/-
So net taxable salary = 151898/-
which is below Rs. 160000/-
So TDS should not be deducted.
153466+15000+31000-1240-260 = 197966/-
Deduction under 80C=9208+1860+35000= 46068/-
So net taxable salary = 151898/-
which is below Rs. 160000/-
So TDS should not be deducted.
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