12 June 2019
One of my friends is drawing 35,000 per month on account of salary + one month salary bonus + one month leave salary total of which arrives at at Rs 4,90,000. Whether TDS shall be deducted ? Please guide me and oblige
12 June 2019
From Rs 4.90 lakhs there will be standard deduction of Rs 40000/- so net taxable income will be Rs 4.50 lakhs. Assuming that there are no deductions to be claimed under chapter VI-A such as LIC, PPF, PF etc. and also total income is also below Rs 5 lakhs then there shall be a rebate of Rs 12500/- hence as per my knowledge there shall be no liability to deduct tax from salary.
12 June 2019
Thank us sir very much for giving me guidelines but some people are still saying that income tax ready reckoner is still awaited and the correct tax liability cant be worked out.
CAclubindia
