Sowmya Pillai (HR) (27 Points)
11 July 2011Hi,
I'm working as a HR in an IT company. I havent worked on taxation and payroll.. but now am tasked to do those things and I would like to know how to deduct TDS(percentage) in an employee's salary and what are the proceedures for filling TDS(Form number, date of filling,etc..)
It will be very helpful if u can guide me with this.
Thanks,
Sowmya
CA. Rajesh P. Ahir
(In Service @ PSU)
(687 Points)
Replied 11 July 2011
TDS ON SALARY U/S 192
1)Amount of Ded.
It has to be calculated in such a way that all tax liability knowan to employer are being covared in full by deduction during the year ( No Rate Specified)
2) e-TDS Return Form No 24Q to be filed whith in 15 days from the end of relevent Quater.
3)Filling: you need to file return in e-form (FVU File)
Priya Mehta
(CA & CS FINAL Article Assiatant)
(219 Points)
Replied 11 July 2011
| Originally posted by : Rajesh P. Ahir | ||
 |
TDS ON SALARY U/S 192 1)Amount of Ded. It has to be calculated in such a way that all tax liability knowan to employer are being covared in full by deduction during the year ( No Rate Specified) 2) e-TDS Return Form No 24Q to be filed whith in 15 days from the end of relevent Quater. 3)Filling: you need to file return in e-form (FVU File) |
 |
AGREED.
U S Sharma
(glidor@gmail.com)
(21056 Points)
Replied 11 July 2011
https://law.incometaxindia.gov.in/DITTaxmann/IncomeTaxRules/pdf/itr62Form12B.pdf
furnish the above form to all employees, and ask them to submit the same duly filled and signed, on the strength of above forms you have to compute their annual income and allow deductions, , then divide the tax element by 12, deduct and pay
use form 24Q to submit returns
Sreejith S
(Manager-Finance)
(95 Points)
Replied 06 August 2011
HI Sowmya,
If you are not sure how to do TDS decution, I suggest that you may run your payroll using Tally ERP 9. It has all the features like IT computation, automatic tds deduction, Qtly e return filing, generation of Form 16 and ITR. In addition to this you can also do PF, ESI, Prof tax deduction etc. You can save lot of time as the channce of mistakes are Nil and you can avoide lot of reworks.
Lots of other softwares are also there with these featues,but I think tally is more userfriendly.
Thanks
Sreejith
jhansi
(student)
(66 Points)
Replied 09 August 2011
Hi Sreejith sir,
We can run payroll using Tally ERP 9 can you please tell me how can we do payroll in Tally ERP 9 package
Thanks in Advance.
Jhansi
Live class on PF & ESI Enrollment & Returns Filing(with recording)
CAclubindia
