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TDS queries

10 February 2020

my firm is properitor audited firm i paid salary 240000/-per year by cheque to employees and at the year end i paid 100000/- by cheque to that employee in the same financial year as bonus. so my queries is any TDS applicable on salary or bonus or both

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5 Replies

prasad Nilugal ( GST Practitioner & Accounts ) (14606 Points)
Replied 10 February 2020

please tell F.Y and A. Y

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surendra jain (91 Points)
Replied 10 February 2020

F.Y 2019-20 A.Y 2020-21

lakshey (student) (39 Points)
Replied 10 February 2020

No if that employee doesn't have any other income then you need not to deduct any tds as below 500000 there is no tax applicability for the above FY

Monu Prajapati (45 Points)
Replied 10 February 2020

As per Section 192B whenever amount paid to employee exceeding Rs. 2,50,000 then tds is required to be deducted,and as per section 87A rebate amount of Rs. 12500 shall be considered while income tax return will be filed, so to avoid non-compliance you are suggested to deduct tds on such amount you have paid. and the same should be claimed as refund by employee.

lakshey (student) (39 Points)
Replied 10 February 2020

No, as per section 192B employer needs to consider each n every deduction exemption and rebate and if tax is payable at the end then only required to deduct tds