astha tiwari (article) (71 Points)
22 August 2013Income from Salary: 450000
Income from House Property: 673399
Income from PGBP: 98500
Income from Other Sources: 77044.6
Deductions U/s chapter VI : 125000
The above are the details of Income of the director of a company.I want To deduct TDS for F.Y. 2012-13 Q4 of Salary (including other income too).TDS already deducted was Rs24225.55. What TDS should I deduct on the above income??
FATEMA
(CHARTERED ACCOUNTANT)
(719 Points)
Replied 22 August 2013
please give the chapter VI a deductions in detail
CA LOVELY ARORA
(C.A. B.Com (H) Graduate)
(2151 Points)
Replied 22 August 2013
TDS to be deducted (for a month):- Tax liability of employee / 12 - 24225.55 (TDS already deducted)
Tax liability might be:- Tax on Rs. 1173943.60 (assuming you have taken sec. 80TTA deduction and also exempt perquisities/allowances e.g. transport allowance in that amount of Rs. 450000.... etc... etc...)
i.e. Rs. 187649/12-24225.55 = Rs. 8588.13 every month for last 3 months.
aniket
(Accountant)
(561 Points)
Replied 22 August 2013
| Originally posted by : astha tiwari | ||
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Income from Salary: 450000 Income from House Property: 673399 Income from PGBP: 98500 Income from Other Sources: 77044.6 Deductions U/s chapter VI : 125000 The above are the details of Income of the director of a company.I want To deduct TDS for F.Y. 2012-13 Q4 of Salary (including other income too).TDS already deducted was Rs24225.55. What TDS should I deduct on the above income?? |
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Ref Section 194J(1)(ba)
Any remuneration or commission paid to director of the company (w.e.f. 01.07.2012)
TDS rate 10%
Therefore you should deduct TDS Rs 45000/- p a
Mihir
(Wealth Manager)
(5293 Points)
Replied 22 August 2013
Any break-up of salary? Any allowances or perquisites that are fully exempt or partly exempt?
What is the calculation of income from house property? Have you factored in 30% deduction?
Is figure of Rs. 98,500/- "net" income from business and profession?
And who has deducted TDS of 24,225/-, the employer or bank or anybody else or all of them?
If tax payable exceeds 10,000/-, you will be liable to pay interest on late payment of tax.
CAclubindia
