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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.

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prasad Nilugal ( GST Practitioner & Accounts ) (14546 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 .

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Raghunandan Singh (126 Points)
Replied 22 December 2021

Please clarify your question

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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.