10 March 2009
If the figure of taxable salary falls below 1,50,000/-( in case of Individual) due to charging fine from the employee,whether TDS is to be deducted on salary or not
10 March 2009
TDS NEEDS TO BE DEDUCTED FROM GROSS SALARY MINUS ALLOWABLE DEDUCTIONS AS PER I-TAX ACT & PROVISIONS THEREIN. IF SUCH CALCULATION EXCEEDS RS.1.50 LAKHS PER ANNUM THAN TDS HAS TO BE DEDUCTED. FINE IS NOT AN ALLOWABLE DEDUCTION
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