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Regarding TDS

khusbu shah (CA Final student) (82 Points)

27 May 2009

CAN anybody tell me if a person have salary income less than the prescribed limit , say around 12000 p.m, even though company is deducting TDS , so is it currect????? Can employee tell company not to deduct TDS by giving Form 15G????? or is there any other way to solve the matter????

THANKS

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5 Replies

Sorabh Gupta (Manager ( Taxation )) (877 Points)
Replied 27 May 2009

Khusbu

In this cage no need to submit the form 15G , as company required invetment declaration from you and on the basis of that company calculate the tax payable from yor salary & then deduct TDS on monthly basis. As you told salary is around 12000 p.m. then you should tell the company not to deduct TDS & you can also check your tax computation............

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khusbu shah (CA Final student) (82 Points)
Replied 27 May 2009

ya sorabh , thanks.....

i think there will be no any need to declare investment.... as in this case the income does not increase the limit...... is there any other income of employee (If have) consider by company while deducting TDS??

For E.g Salary Income: 12000 P.m

Professional fees received ( Part time professional service rendered) 5000 P.m

In above case TWO QUESTION :: 1) how much TDS Should be deduct???

2) Who will be liable to deduct TDS and how much ??

THANKS,

Sorabh Gupta (Manager ( Taxation )) (877 Points)
Replied 27 May 2009

Khusbu

As you getting the professional fees this is alos laible for TDS u/s 194J as annual income is more than 20000 then the person giving the professional income deduct TDS @ 10% .

So in that case you can decalre the income to your company & also show the TDS certificate then your salary income is not liable to TDS as ur salary is under limit......

If any doubt the let me know............

CA. Dashrath Maheshwari (TaXpert) (15103 Points)
Replied 27 May 2009

If you are getting professional income, apart from the salary, definitely, you have to submit form 15G, if your TOTAL TAXABLE INCOME is less then 185000 (Being a woman assessee).

Ajay Chaudhary (CA) (63 Points)
Replied 02 June 2009

On salary TDS is deducted only if the income from salary of the employee is taxable after considering all the deductions. In the above case as the income is within the basic exemption limit, no TDS shall be made. 15G is not required. Inform the company's A/c dept. about non taxability of the income.