Dear All, Please help,
Is it necessary to deduct Tds on salary on monthly basis or will it be appropriate, if Tds is deducted at the year end instead of on monthly basis
Thanks
8 Replies
chetan soni
(service)
(3784 Points)
Replied 21 December 2007
We need to deduct the TDs on salary monthly basis as per the provisions of income tax. While calculation the TDS give max benefit of all provision of income tax act. If you failed to deduct the tax on monthly basisi then it amount to voilation of law.
BE CAREFUL.
chetan soni
(service)
(3784 Points)
Replied 21 December 2007
We need to deduct the TDs on salary monthly basis as per the provisions of income tax. While calculation the TDS give max benefit of all provision of income tax act. If you failed to deduct the tax on monthly basisi then it amount to voilation of law.
BE CAREFUL.
CA Ghanasyam Beura
( Partner at S K JENA & ASSOCIATES)
(51 Points)
Replied 21 December 2007
it should be deducted :
at the time of credit or oayment whichever is erlier
so it should be deducted on monthly basis
Amit Sharma
(article)
(2677 Points)
Replied 21 December 2007
Dear frined,
It is very necessary to deduct on monthly basis
Ankit Dangayach
(Chartered Accountant)
(691 Points)
Replied 23 December 2007
Sec 192 of the Income tax clearly mentions that T.D.S to be deposited per month by the Employer.
Amit Sharma
(article)
(2677 Points)
Replied 26 December 2007
TDS should be deducted on monthly basis u/s 192 of Income Tax act
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