Upgrade and Save: Get 10% OFF on CAclubindia Pro Subscription! Use Code: SAVE10 Subscribe Now!

Tax deducted at source

07 June 2019

X is the director of private company
Salary of X is 5000000/year
Then how much the TDs of X paid by company for the each quarter??

Reply
Follow
Share

5 Replies

Giridhar S Karandikar (Team Lead) (7543 Points)
Replied 07 June 2019

taxable income to be calculated for the whole year. then calculate tax liability after allowi g all chapter VIA deduction.
the tax liability arrived shud be deducted each month equally and TDS paid for quarter be calculated accordingly

Upgrade to CAclubindia Pro. Subscribe Now!

Subramanya Kamath (32 Points)
Replied 07 June 2019

so it has to be deducted under 192 salaries??
but is the relationship between director and company is regarded as employer employee relationship??

Giridhar S Karandikar (Team Lead) (7543 Points)
Replied 07 June 2019

yes it is because company has a separate legal existence as a artificial person and can enter into contracts with others.
so salary paid by company to it's directors us classified as income from salary