If company has paid as advance against salary or for any other reason to his employee, can tds on the same should be deducted or no during the same year.
18 Replies
Ankit Singla
(B.Com (Hons.), CA)
(88 Points)
Replied 27 September 2010
HI deepak
tax is deducted on due or paid basis whichever is earlier
so u have to deduct tds on salary paid in advance
Saurabh Toshniwal
(ca final)
(2363 Points)
Replied 27 September 2010
| Originally posted by : Ankit | ||
 |
HI deepak tax is deducted on due or paid basis whichever is earlier so u have to deduct tds on salary paid in advance |
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NITIN BHATIA
(CA FINAL)
(188 Points)
Replied 27 September 2010
you are a employee on salary and tax will be deduct on your salary on the basis of due or paid whichever is earlier, so salary paid to you is advance salary. therefor employer will deduct tax
vijay
(Accountant)
(902 Points)
Replied 27 September 2010
Salary is taxed on due or paid basis whicever is earlier
salary received in advance is liable for tds just like normal salary!!!!!!!!
kaushik
(service)
(125 Points)
Replied 27 September 2010
Meaning of Salary”,under Sec 17(1) defined.
8417. 85For the purposes of sections 15 and 16 and of this section,—
(i) wages;
(ii) any annuity or pension;
(iii) any gratuity86;
(iv) any fees86, commissions, perquisites or profits in lieu of or in addition to any salary or wages;
(v) any advance of salary;
Surendra Agarwal
(MANAGER FINANCE AND BUSINESS PLANNIN)
(289 Points)
Replied 27 September 2010
ya TDS should be diducted on such advance salary if advance paid as salary advance
ritesh garg
(article)
(95 Points)
Replied 27 September 2010
hii deepak. advance against salary and salary received in advance are two separate issues. an advance against salary is like a loan and so tds should not be deducted and the employee need not include this advance in his income.
CA Surendra Prajapati
(Deputy Manager (Finance))
(361 Points)
Replied 28 September 2010
| Originally posted by : kaushik | ||
|
|
Meaning of Salary”,under Sec 17(1) defined. 8417. 85For the purposes of sections 15 and 16 and of this section,— (1) “salary”86 includes86— (i) wages; (ii) any annuity or pension; (iii) any gratuity86; (iv) any fees86, commissions, perquisites or profits in lieu of or in addition to any salary or wages; (v) any advance of salary; Therefore any advance of salary is covered under sec 17(1) and hence subject to TDS |
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shekhar
(Asst. accountant)
(22 Points)
Replied 28 September 2010
Suppose my total annual Taxabel salary 1,50,000/- and I take loan from co. on Feb 1,00,000/-, tds should deducted. and I deducted 7000/- per month from my salary,
kaushik
(service)
(125 Points)
Replied 28 September 2010
Hi shekhar it is simple loan and not advance of salary therefore TDS not to be deducted
helen
(accountant)
(22 Points)
Replied 28 September 2010
TSD is the part of Tax deducted at source. It means the part of Tax deducted at the time of earning. For Ex. when Bank pay interest on savings, they deduct the part of Tax from interest paid and send the amount directly to the taxation department.
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