Tds on bonus
This query is : Resolved
06 April 2015
Dear All
Kindly advice me on the following
We are going to pay an amount of Rs100000(One Lakh)to an ex-employee relating to the period 2011-12. Whether we have to deduct TDS under salary?
Kindly advice me on the following
We are going to pay an amount of Rs100000(One Lakh)to an ex-employee relating to the period 2011-12. Whether we have to deduct TDS under salary?
06 April 2015
Yes. If it is pursuant to a contract of employement, then you should. There;s no specific exemption for this.
06 April 2015
Also, you may treat the date of accrual as the subject date for TDS. (I.e, need not show the expenses as pertaining to FY 11-12, since the bons was not actually quantifiable at that point of time.
07 April 2015
Thanks for the reply.Is it necessary to deduct TDS because the amount of bonus is within the tax exemption limit. Kindly clarify.
07 April 2015
If the bonus amount +other salaries amount exceeds the tax exemption limit then onl you need to deduct tax at source.
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