TDS ON SALARY
This query is : Resolved
17 July 2008
In a newly set up industry, there are two women employees and one man employee. Each of them are drawing a salary of Rs. 15000 p.m. The man assessee has requested to the co. not to deduct tax as he will invest the required amount under section 80C. I want to know whether the Tax from salary of the assessee is to be deducted and form 24Q to be filed.
Futher if the man assessee gets Rs. 12500 p.m. then form 24Q to be filed or not. Please answer.
Futher if the man assessee gets Rs. 12500 p.m. then form 24Q to be filed or not. Please answer.
17 July 2008
In case the salary net of exemt allowances is more than the basic limit of Rs. 150000 and the assessee has furnished an investment decleration form,then the employer has to consider the investments to be made. After giving the deduction if salary is less than 150000, no tax is required to be deducted and cosequently no 24Q is to be furnished.
17 July 2008
The male assessee has to give a declaration to the effect of his qualifying investments u/s 80C and as per that if there is no tax liability there is no necessity to deduct tax (hence no 24Q). But any failure by that person to stict to his declaration will be answerable only by person responsible for TDS.
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