Tds Applicable or not!?
S.Prasanna (Financial consultant) (90 Points)
22 December 2021
Tds Applicable for consolidated salary from any organization or not?Ex:35000,25000,30000 etc.
3 Replies
prasad Nilugal
( GST Practitioner & Accounts )
(14801 Points)
Replied 22 December 2021
Your total estimated annual salary , exceeds basic exemption limit then TDS will applicable and will start deduction from start of the financial year .
debora M
(BUSINESS DEVELOPMENT MANAGER)
(1697 Points)
Replied 22 December 2021
Any person making specified payments mentioned under the Income Tax Act are required to deduct TDS at the time of making such specified payment. Your employer deducts TDS at the income tax slab rates applicable. Banks deduct TDS @ 10%. Or they may deduct @ 20% if they do not have your PAN information. TDS is deducted only if your total income is taxable. However, TDS will not be deducted in case your total income is Rs. 2,50,000 and this amount is applicable for men and women below the age of 60 years. Note: TDS deduction rate on salary ranges from 5% to 30% which is equivalent to the applicable income tax slabs.
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