HIIII,
Supoose a employee joins the co. on Ist april with monthl salary of Rs. 35000/-. SHould i deduct TDS on his salary in the same month on releasing the salary payment to him or after crossing the limit of Rs. 180000/-???????
plz helppppp
Kumar Gaurav (Going...to be C.A soon...) (1624 Points)
19 February 2009HIIII,
Supoose a employee joins the co. on Ist april with monthl salary of Rs. 35000/-. SHould i deduct TDS on his salary in the same month on releasing the salary payment to him or after crossing the limit of Rs. 180000/-???????
plz helppppp
Prabeer
(B. COM (H) CA & CS Final)
(5484 Points)
Replied 19 February 2009
Mr. Kumar Gaurav , you need to deduct the TDS on monthly basis.
At 1st u should forecast & ascertain the annual salary of the employee, then you've to ask him for his investments which are deductible as per I.T. Act. After deriving the net amount you can ascertain the tax liability of the employee & by dividing the same with 12 you can get the amount of TDS you need to deduct from the salary of the employee.
Master GSTR-9 and 9C with India's First Unique Live Course with Live practical training
LIVE Form 10 B and Form 10BB: Handle Tax Audit Reports of Charitable Organizations(without recording)
CAclubindia
