Advance aginst salary
This query is : Resolved
vishal n kokate
(Querist)
17 April 2014
i will taken loan from my company of Rs.100000/- in april, 2014 monthly installment from april, 2014 of rs.10000/-
my total taxeble income after computation is rs.269530/- for the f.y.2014-15
So how much TDS deducted from my advance salary of rs. 1 lakh?
Sandeep Dharar
(Expert)
17 April 2014
If it is in the form of Loan as mentioned then no TDS will b deducted, but if it is in the name of staff advance then it will b added to ur salary & TDS will b deducted as usual according to slab rate.
Nikhil Kaushik
(Expert)
17 April 2014
assuming it is a loan, you need to first compute the perquisite in form of less/no interest paid on this loan. this saving of interest needs to be added to your salary and then annual tax liability is to be computed and tds is to be deducted on average rate arrived by deducting total tax liability/total income.
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