TDS on Salary
This query is : Resolved
24 April 2020
What is basic slab above which TDS on Salary will be deducted of an employee for the Assessment Year 2020-21?
24 April 2020
Deduct TDS as per sec 192* for FY 19-20.
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24 April 2020
Deduct TDS as per sec 192* for FY 19-20.
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25 April 2020
Salary slab applicable
Up to `2,50,000
Nil
2,50,001 to 5,00,000
5%
5,00,001 to 10,00,000
12,500 + 20% of total income exceeding 5,00,000
Above 10,00,000
1,12,500 + 30% of total income exceeding 10,00,000
Up to `2,50,000
Nil
2,50,001 to 5,00,000
5%
5,00,001 to 10,00,000
12,500 + 20% of total income exceeding 5,00,000
Above 10,00,000
1,12,500 + 30% of total income exceeding 10,00,000
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26 April 2020
Kaviraja Addangadi Sir, if net salary exceedds Rs. 50000, then above slab should be applicable, otherwise no TDS should be deducted?
26 April 2020
Kaviraja Addangadi Sir, if net salary exceeds Rs. 50000, then above slab should be applicable, otherwise no TDS should be deducted?
26 April 2020
If the net salary per month then TDS will be deductible. Before deducting TDS consider employee's deductions and any other incomes...
Deductions like LIC, PPF, Housing loan interest and other CHA VI-A related investment....
Incomes like SB & FD account interest, IFOS and other incomes
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26 April 2020
Yes net taxable income after all deduction exceed 5 lakh above slab applicable.
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28 April 2020
If tax payable after deductions under Chapter VIA, interest on housing loan, standard deduction etc and rebate u/s 87A is NIL no TDS required however if the gross salary exceeded Rs.3 lakhs then irrespective of TDS being NIL the particulars of such employee are to be reported in Form 24Q for the 4 th quarter.
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14 May 2020
Yes. Even if after claiming all the investments and deductions available TDS is nil such transactions needs to be reported in last QTR TDS return. As per Income Tax Act the deductions are deductible only if they are claimed by filling ITR for the respective F.Y. by the person. If no ITR is filled thinking that one overall has NIL liability towards Income Tax it will be a wrong thing to do as all investments and claims needs to be declared in ITR for claiming the benefit of the same.
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