Tds on salary

This query is : Resolved

Dolly (Querist)
Follow

20 May 2013 Hi I have a query regarding TDS on Salary.If an employee is drawing salary of Rs.42000 p.m, and he left the job in may 2013. Is there any requirement to deduct TDS from his salary for F/Y 2013-2014.??
Please reply ASAP.
Thanks in advance.

CA Kapil Verma

CA Kapil Verma (Expert)
Follow

20 May 2013 if the salary paid for f/y 2012-2013 was above taxable limit , then its required to deduct the TDS on the same.

Dolly

Dolly (Querist)
Follow

20 May 2013 The employee has received only one month salary from our company and left the job..so should we deduct tds or not..??

Dolly

Dolly (Querist)
Follow

20 May 2013 my query is still not resolved.please help me out.

CA Kapil Verma

CA Kapil Verma (Expert)
Follow

20 May 2013 As he get only one month salary which is Rs 42000/- which is not above taxable Limit. hence no need to deduct TDS

Message likes : 1 times

Dolly

Dolly (Querist)
Follow

20 May 2013 Thank you so much kapil sir..:)

CA. RICHI SAXENA

CA. RICHI SAXENA (Expert)
Follow

20 May 2013 Dear,

At the time when the salary of the said amount was being paid to the employee the TDS deductibility was there very much. It could not have been ascertained in the month of April itself that the employee will leave job in the month of May or not. As such the TDS was required to be deducted as soon as the salary was due for the month of april.
Salary has to be fairly estimated for the whole year and not to be ascertained as and when it crosses the exemption limit.

You need to deduct TDS on the said sum.

Regards,
CA.Richi Saxena

CA Kapil Verma

CA Kapil Verma (Expert)
Follow

20 May 2013 The employee work for 1 month only and the salary is not above exemption limit.

Then how can TDS will be deducted.

CA. RICHI SAXENA

CA. RICHI SAXENA (Expert)
Follow

21 May 2013 SIR I HAVE ALREADY QUOTED ABOVE THAT THE SALARY HAS TO BE FAIRLY "ESTIMATED" FOR THE WHOLE YEAR AND IT HAS NOT TO BE SEEN IN ITS ONLY INDIVIDUAL ASPECT OF BEING RECEIVED.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now