chetan (accountant) (321 Points)
28 April 2011Hi
One of our employee having salary around Rs 2.5 lacs P.A. and after calculating all exemption his taxable salary is cuming 50000/-.
Now my question is our company have not deduct the TDS on his salary. so company is liable to deduct the TDS or he can pay that tax amount by way of Self assessment before 31st july.
chetan
(accountant)
(321 Points)
Replied 28 April 2011
Hi friend
I am talking about company liablity of Tds deduction
CMA. CS. Sanjay Gupta
("PROUD TO BE AN INDIAN")
(114230 Points)
Replied 28 April 2011
TDS has to be deducted. I think Sasank has misinterprete. The Annual Salary is 2.5 Lacs P.A. and after all deduction and exemption of Rs 160000/- taxable salary i.e. Taxable income comes to Rs 50000/-
TDS to be deducted (10.3% of Rs 50000/-) = Rs 5150/-
CMA. CS. Sanjay Gupta
("PROUD TO BE AN INDIAN")
(114230 Points)
Replied 29 April 2011
| Originally posted by : chetan | ||
 |
That is what he must be saying. |
 |
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 30 April 2011
under a 2.5L annual salary, 2 lacs deduction is not possible unless "house proprty loss" is taken in account, 80C max 1.00, 80D max 30
so the observation of sanjay gupta seems appropriate.
srinivasan
(service)
(898 Points)
Replied 30 April 2011
In the employement there will be HRA exemption about 40% to 50% of basic and medical reimbursement exemption of 15K. It can also have LTA exemption as well. Hence there is a posibiliy of the net taxable income being arrived at 50K after chapter VIA deductions.
Since the net taxable income will be less than the basic exemption limit of 1.6 laks for the individual male there need not be any TDS.
However, if the person does not have a PAN the tax has to be deducted @ 20% as per sec. 206AA of the IT Act, on Rs.50,000/=
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