close Change the way you learn with CCI Online Coaching   view more

Please Wait ..

Sign-in to your account


Username:
Password:

Remember Me

Forgot your password?

Sign-up now



Join CAclubindia.com and Share your Knowledge. Registered members get a chance to interact at Forum, Ask Query, Comment etc.


Discussion > Income Tax > TDS >

payment TDS on salary

    Post New Topic
Pages : 1 2




(Guest)
Posted On 02 September 2008 at 14:45

Presently I am working as a Finance Officer in Surat. I have completed my M.Com. from VNSGU, Surat



(Guest)
Posted On 02 September 2008 at 14:46

Presently I am working as a Finance Officer in Surat. I have completed my M.Com. from VNSGU, Surat




kumar
accounts

[ Scorecard : 20]
Posted On 05 November 2008 at 14:41

Schedule showing TDS rates for the financial year 2007-08 wef 01.06.2007 Exceding Amount
Section Nature of payment Payee (Receiver of the gross amount)
Individuals & HUF Firm Corporae
TI < 10 Lakh TI > 10 Lakh TI < 1 Crore TI > 1 Crore TI < 1 Crore TI > 1 Crore  
192 Salary Regular Regular NA NA NA NA  
193 Interest on securities 10.3 11.33 10.3 11.33 20.6 22.66  
194A*       Interest other than interest on securities 10.3 11.33 10.3 11.33 20.6 22.66  
194B Winnings from lottery cross word puzzle, game show 30.9 33.99 30.9 33.99 30.9 33.99  
194C* Payment to contractors:              
Advertising 1.03 1.133 1.03 1.133 1.03 1.133 20000
Sub contractors 1.03 1.133 1.03 1.133 1.03 1.133 20000
Others 2.06 2.266 2.06 2.266 2.06 2.266 20000
194D Insurance Commission 10.3 11.33 10.3 11.33 10.3 11.33  
194G Commission, etc on sale of lottery tickets 10.3 11.33 10.3 11.33 10.3 11.33  
194H* Commission & brokerage 10.3 11.33 10.3 11.33 10.3 11.33 2500
194I* Rent including furniture and fixtures 15.45 16.995 20.6 22.66 20.6 22.66 120000
Machinery & Plant and Equipment 10.3 11.33 10.3 11.33 10.3 11.33  
194J* Fees for professional or technical services 10.3 11.33 10.3 11.33 10.3 11.33 20000
194LA Compensation /consideration compulsory acquisition of any capital asset 10.3 11.33 10.3 11.33 10.3 11.33  
* Individuals & HUF only if the payer is liable for tax audit u/s 44 AB                
Note: 1) TI refers to total income of the payee              
  2) Education cess has been increased from 2% to 3% from 01.04.2007.              
  3) Regular rates for salary are slab rate applicable to Individual/HUF:              



Bharat Arora
CA

[ Scorecard : 30]
Posted On 06 April 2009 at 08:36

As Per Section 192 of Income Tax Act, the time limit  to deposit TDS deducted by person other than Government  is  within 7 days of salary paid. So in case salary is paid on 4the april the TDS should be deposited by 11 april.

 



Jyoti Malik
ACCOUNTANT

[ Scorecard : 2601]
Posted On 06 April 2009 at 11:13

As per Sec 192 Salary is credited as on 31st March so TDS is to be deposited up to 7th April . As amount credited or paid which ever is earlier. but as per provision if expenses booked on 31.03 so TDS would be deposited up to 7th May.



Shudhanshu Agrawal
CA Final and CS Final

[ Scorecard : 2379]
Posted On 06 April 2009 at 12:40

According to the provisions of TDS on salary under Section 192. TDS on salary should be deducted on payment basis not on due basis. But if anyone is going to deduct TDS on payment basis then they have to finalise the TDS in the month of february not in the month of march. But most of the companies deduct TDS on salary on due basis also as they finalize TDS on salary in the month of March. In above case if they will deduct TDS on payment basis(assuming TDS is finalized in the month of march) then the TDS return will be changed from 4th qtr to 1st qtr of the next A.Y. So if they are finalizing the TDS on March in such a case TDS should be dedcuted on provisonal basis on march 31 and should be deposited upto April7.

Correct me if im wrong

Thanks



trupti
account executive

[ Scorecard : 22]
Posted On 30 April 2012 at 17:01

i have booked salary of an employee for the month of Feb-12 and have deducted TDS on salary.Due to some reason the salary of the employee is put on hold .Iam i Liable to make payment of TDS?


trupti
account executive

[ Scorecard : 22]
Posted On 30 April 2012 at 17:15

i have booked salary of an employee for the month of Feb-12 and have deducted TDS on salary.Due to some reason the salary of the employee is put on hold .Iam i Liable to make payment of TDS?


There are 17 Replies to this message






Related Files








Related Threads


Post your reply for payment TDS on salary



Your are not logged in . Please login to post replies

Click here to login


Not a member yet ?? Click here to signup

Message







    

  • Use thank button to convey your appreciation.
  • Maintain professionalism while posting and replying to topics.
  • Try to add value with your each post.