I want to know in a proprietorship concern, when I am paying salary 25000/- (aprox.) to each individual, how do i deduct tds and what are the dates of deposit tds, what are the rates and which number of tds challan is applicable to this.
27 May 2009
If your accounts are getting audited, it is compulsory for you to deduct the taxes. Suppose if you are paying Rs.25000/-pm then calculate taxes as if you are calculating yearly tax considering all the incomes and exemptions. The tax whatever is coming is to be deducted throughout the year. The tax deducted is to be deposited by 7 of next month.
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