Computation of tds

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Querist : Anonymous

Querist : Anonymous (Querist)

28 December 2011 If the employer is bearing income tax and employee part of contributon to provident fund liability of the employee than how will we calculate TDS.
Example: Basic Salary=Rs 264,000 per month+ employer will bear income tax and PF contribution of employee.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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28 December 2011 Contribution to the provident fund by the employer more than 12% of the basic will be taxable in the hands of employee. as you mentioned employer bearing the employee contribution also means it exceeding the limit of 12%

In related to taxes bearing by employer, as per sec.10(10CC) of the Income tax act. provides exemption on tax paid by employer on perquisites, but total tax is there is contradictory opinion on the issue

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