TDS on Salary - 2024
USB Bhise (21 Points)
01 November 2024Please guide me with the full details for deduction of TDS on Salary?
1. Whom is it applicable?
2. What % it's applicable?
Please share the details for better understanding.
Regards
Umesh
Rama chary Rachakonda
(Master in Accounts & Lawyer email ID:ramachary64@gmail.com voice no:9989324294)
(5128 Points)
Replied 01 November 2024
TDS (Tax Deducted at Source) on salary is applicable to:
- TDS rates may vary based on government notifications and individual circumstances -
Employers must obtain a TAN (Tax Deduction and Collection Number) for TDS purposes -
Employees can claim a refund of excess TDS deducted while filing their income tax
sabyasachi mukherjee
(27574 Points)
Replied 04 November 2024
Puneet Mittal
(Sr. Officer Accounts)
(212 Points)
Replied 07 November 2024
If taxable salary of any employee is more than basic exemption limit than there is liability of employer of TDS deduction from the monthly salary of employee.
TDS will be applicable as per slab rate.
Employer have to obatain TAN from goverment for TDS deduction and after deduction TDS will be deposit on monthly basis and form 24 Q will be filed on quqrterly basis.
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