Hello everyone....
Plz tell me whether TDS is deducted on payment of family pension to the spouse of an employee by a nationalized bank, if yes den in which section and at what rate.......????
Waiting for your replies.......
8 Replies
Amir
(Learner)
(4016 Points)
Replied 14 July 2010
Dear Nimisha,
TDS is not required on Family pension except where the person receiving the same is a Non resident in which case Sec 195 comes into play.
TDS shall be deducted on Regular/Ordinary Pension given to employee directly.
Reason is Family Pension is taxable under the head "Other sources" & is not an income under head "salaries" & sec 192 begins as follows -
Any person responsible for paying any income chargeable under the head “Salaries” shall, at the time of payment, deduct income-tax [***] on the amount payable at the average rate of income-tax [***] computed
Amir
(Learner)
(4016 Points)
Replied 14 July 2010
Dear Nimisha,
I have got one very good article written by Pranjal Sir -
Sunali
(Learner)
(1317 Points)
Replied 14 July 2010
There is no TDS provision in case of Family Pension. For more details, visit
Amir
(Learner)
(4016 Points)
Replied 14 July 2010
Dear Sunali,
Then also it would not have made difference since the difference is of 3 minutes (not 2).............:)
Amir
(Learner)
(4016 Points)
Replied 14 July 2010
Ya, you are right, I just misread it...........:(
Anyways, it was a good discussion...........:)
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