Tds on ex-gratia payment in addition to normal salary
This query is : Resolved
08 April 2013
Hi All,
Please advise whether in the following case, TDS needs to be deducted at the time of payment only or can be deducted over a period of 12 months.
Mr. X is doing a job in ABC Ltd. his normal salary for FY 13-14 (net taxable income) is Rs. 7.5 lacs. He is paid Rs. 1 lac ex-gratia payment in the month of Apr-13. Since he is falling in 20% slab, TDS will be deducted in Apr-13 will be:
1. @ 20.60% on Rs. 1 lac + average TDS on normal income
2. Average TDS on 8.5 lacs
Thanks in advance.
Ramesh
Please advise whether in the following case, TDS needs to be deducted at the time of payment only or can be deducted over a period of 12 months.
Mr. X is doing a job in ABC Ltd. his normal salary for FY 13-14 (net taxable income) is Rs. 7.5 lacs. He is paid Rs. 1 lac ex-gratia payment in the month of Apr-13. Since he is falling in 20% slab, TDS will be deducted in Apr-13 will be:
1. @ 20.60% on Rs. 1 lac + average TDS on normal income
2. Average TDS on 8.5 lacs
Thanks in advance.
Ramesh
08 April 2013
Dear,
Option 1 is the correct one
Regards,
Neha Chauhan
Option 1 is the correct one
Regards,
Neha Chauhan
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Confusion around Form 26QB fields
- RCM INVOICING FROM NOV-2024
- Sale of property furniture sale
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Regarding Waiver of Interest levied u/s 50 of PGST/CGST Act
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
Trending Online Classes
CAclubindia
