Nitesh Painter (Service) (78 Points)
02 May 2012A PVT LTD COMPANY HAS 3 DIRECTORS , THE TOTAL TDS U/S 192B ( SALARY) TO BE DEDUCTED IS RS. 500000/-.HOWEVER ALL 3 DIRECTORS HAS PAID ADVANCE TAXES OF RS. 500000/- IN INDIVIDUAL A/C AND NOT FROM THE COMPANY.
NOW, IS IT COMPULSORY FOR THE PVT LTD COMPANY TO DEDUCT TDS OF RS. 500000/ U/S 192B OR COMPANY CAN DEDUCT THE ADVANCE TAX & HAVE NO TDS LIABLITY ?
THANKS IN ADVANCE
DIBYENDU
(SERVICE)
(266 Points)
Replied 02 May 2012
Company make a computation of 3 directors individualy for there tax payble on there declared income relating to the relavent financial year, after deduction of advance tax deposited by them towords central government account, If any balance of tax liability arise after consideration advance tax, company deduct the excess amount tax liability amount from there salary as TDS U/s 192B
CAclubindia
