TDS(For salary)

TDS / TCS 1276 views 8 replies

niloy sanyal

account manager

777 Points Posted on 01 March 2011

We are a Manufacturing Unit (Partnership Firm), Please Suggest us that can we deduct TDS for this employee Mr. Somnath Ghosh :

Financial Year 2010-11
Salary (April to january,11) Rs. 1,53,466.00
bonus Rs. 15,000
Deducted P.F(April to january,11)9208.00
Deducted P.Tax(April to january,11)1240.00

ADDITIONAL Salary (Feb to March,11) 31,000.00
Deductable P.F(Feb to march,11)1,860.00
Deductable P.Tax (Feb to march,11)260.00

He(Somnath ghosh) already given us (dated 31/12/2010) Xerox Copy of NSC(Nation Saving Certificate) Rs. 35,000.00 for this Financial Year

So please suggest us immediately Can We deduct TDS to Somnath Ghosh

Replies (8)

Pankaj Arora

Learner

3134 Points Posted on 01 March 2011

I don’t think there is any tax liability.

Ramya Kinthali

Financial Consultant

108 Points Posted on 01 March 2011

iincome taxable under head salaries is more than basic exemption limit there is responsibility to deduct TDS

But, after giving deductions for PF and NSC taxable income is NIL for the employee , hence need not deduct any tax...

as taxable income is NIL tax shal not be deducted/...

Guest

Originally posted by : ramya kinthali
	iincome taxable under head salaries is more than basic exemption limit there is responsibility to deduct TDS But, after giving deductions for PF and NSC taxable income is NIL for the employee , hence need not deduct any tax... as taxable income is NIL tax shal not be deducted/...

R.MUNIYASAMY

OFFICER

24 Points Posted on 02 March 2011

Gross Income of Shri.Somnath

Salary - Rs. 184466/- (153466+31000)

Add :Bonus - Rs. 15000/-

Total Income - Rs. 199466/-

Less: Deductions under section VI A - Rs.46568/-

Net Taxable Income - Rs.152898/- is less than Individual Slap Rs.1,60,000/-

Deductions Break up

Provident Fund contributions (PF) - 10068

Professional Tax (P.Tax) - 1500

80C NSC savings - 35000

Vikash Kharvar

Dy. Manager -F&A

469 Points Posted on 02 March 2011

There are no tax liability after all taking in consideration as provided by you.

sachin sharma

article

122 Points Posted on 02 March 2011

hi niloy,

there is no tax laibilty of me somnath

@CS Siddharth Bumb.

B.Com CA Final CS

5270 Points Posted on 02 March 2011

Originally posted by : ramya kinthali
	iincome taxable under head salaries is more than basic exemption limit there is responsibility to deduct TDS But, after giving deductions for PF and NSC taxable income is NIL for the employee , hence need not deduct any tax... as taxable income is NIL tax shal not be deducted/...