tds- remuneration
This query is : Resolved
13 July 2008
what to do if the company hasnt applied for TDS no. and it is into its 2nd year of operation?
will the co. be liable to pay TDS on remuneration paid to directors b4 applyin for the no.?
also, there is no other employee receiving salary more than 40,000 only directors receive remuneration?
Is the co. liable to deduct tax on remuneration to non-executive director also?
how to rectify such a situation?
Thank you
will the co. be liable to pay TDS on remuneration paid to directors b4 applyin for the no.?
also, there is no other employee receiving salary more than 40,000 only directors receive remuneration?
Is the co. liable to deduct tax on remuneration to non-executive director also?
how to rectify such a situation?
Thank you
14 July 2008
Dear Rohit,
I will suggest that the co. must apply for the pan as early as possible. As far as the tds provisions are concerned co must deduct it from the remuneration of directors if this is more than the 110000/- PA for Assessment year 2008-09 & 150000/-PA for the assessment year 2009-10. In your query it is not clear that 40000/- salary for others is per month or per anum. If it is per anum then tds provisions will not be applicable, otherwise deduct the tds accordingly.
I will suggest that the co. must apply for the pan as early as possible. As far as the tds provisions are concerned co must deduct it from the remuneration of directors if this is more than the 110000/- PA for Assessment year 2008-09 & 150000/-PA for the assessment year 2009-10. In your query it is not clear that 40000/- salary for others is per month or per anum. If it is per anum then tds provisions will not be applicable, otherwise deduct the tds accordingly.
14 July 2008
one more thing, after obtaing pan, co should file its tds returns & income tax return after taking consideration of interest & other penal provisions.
14 July 2008
In case of remuneration or salary computed in accordance with the Income tax provisions exceeds the basic limit then tax at source is to be deducted as per the circular issued u/s 192. In your case, if the tax is deductible then it should be deducted accordingly and TAN applied for that purpose. However, u will be able to deposit the TDS on allotment of TAN alonwith interest.
23 September 2009
Thank You Sh. Abhishek Tyagi Ji and Sh. Ramesh Kumar Ahuja Ji
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