Should TDS be deducted for an employee who is earning 2,76,000 per annum in FY 2018-19 ?
As per the company Rs. 1352 will be deducted for the whole year for which he can take a refund when filing the return.
Is the company's view right ?
3 Replies
Jeeva Thangavelu
(Student CA Final )
(609 Points)
Replied 07 May 2018
No Mam. For the FY 2018-19 there is a general deduction of Rs.40000 available from gross salary. So taxable salary for above employee will become Rs.276000-40000= Rs.2,36,000/- which is below the minimum income limit of Rs.2,50,000/-. Hence TDS is not required to be deducted. The company's view is wrong.
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 07 May 2018
@ Anita.,
No more tax liability...
@
You mean FY or AY...?
No more tax liability...
@
You mean FY or AY...?
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