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Query of tds salary return

Lalit Sangani (M.Com. Asst. Manager Account) (736 Points)

05 May 2014

Dear All,

If any employee of company is getting his salary 1.70 lacs during the f.y. 2013-14, is company liable to show his salary in TDS return with zero value or not.

Thanks

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7 Replies

HEM@NT G@RG (ARTICLE ASSISTANT) (313 Points)
Replied 05 May 2014

Hello Lalit,

The Company should not liable to deduct the TDS of the employee as his salary is below the taxable income U/s 192 of the income tax act,1961.

As Company should not show in the income tax return.

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Lalit Sangani (M.Com. Asst. Manager Account) (736 Points)
Replied 06 May 2014

Dear Hemant thanks for the reply, but my query is "in tds 4th qtr return, company has to show hole year employee salary details than company have to show only that employee detail who has tds deducted or all the employee including who has not tds deducted during the year.

Income Tax Wala: (Fin. Expert) (Chartered Accountants) (2015 Points)
Replied 06 May 2014

Dear Lalit

company is required to show details of only persons whose TDS is deducted by company.

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HEM@NT G@RG (ARTICLE ASSISTANT) (313 Points)
Replied 06 May 2014

Mr lalit,

There is no requirement to show all the employees salary details in tds return of the comapny.

Plz focus in above example

Salary of employee I 240000

Deduction U/S VI 30000

Total income 210000

Comapany Should show these employee in tds return whose income is taxable but due to deduction they are not required to pay tax as come in under the slab rates.

Salary of Employee II 200000

Deduction nil

Total income 200000

For F.Y 2013-14 There is exemption limit is 220000 below 60 yr employees.

Company should not require to show these employees in tds return.

If you have any doubt regarding this provision plz reply..

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Lalit Sangani (M.Com. Asst. Manager Account) (736 Points)
Replied 07 May 2014

Dear Hemant,

Thanks for your valuable information.

but as you have mention exemption limit 2.20 lacs for f.y. 2013-14, as I know the limit is 2 Lacs. please correct if I am wronge.

Thanks

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Income Tax Wala: (Fin. Expert) (Chartered Accountants) (2015 Points)
Replied 07 May 2014

Lalit you are right, that basic exemption limit is 2 lac for Individual/HUF

but one would not be liable to pay tax on 220000/- if his/her total taxable income is 5 lac or below. because u/s 87 A, a relief of 20000 is also provided.

hence check section 87 A.