a company pays salary to director and deduct TDS @ 7.5%
director has to pay 30,000 income tax for current financial year after deducting all TDS.
can company deduct extra TDS in march instead of 7.5% to pay liablity of director
4 Replies
Siva Raj
(358 Points)
Replied 29 January 2021
There is no TDS rate for Salary, you should deduct average TDS. For example. Total Income Tax for One year is Rs.240000/- then you have to deduct 20000/- per Month. As per your above question you can deduct remaining TDS amount in March.
SOHAN LAL
(Manger Accounts & Finance)
(363 Points)
Replied 29 January 2021
Yes, you can deduct TDS more than 7.50%
prasad Nilugal
(3914 Points)
Replied 29 January 2021
Normally. TDS deducted from April on estimated Salary from April to March ,if Salary exceeds basic examtion limit .
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