Deduction of tds
This query is : Resolved
22 March 2012
Being Accountant I wish to know that whether Repayment of House loan and interest on house loan is to be considered or not by the Deductor (Employer) for the purpose of calculation of TDS on salary.
Whether service and other levy charges paid on premium of LIC and other policy are to be considered or not as part of premium for the purpose of TDS deduction
Whether service and other levy charges paid on premium of LIC and other policy are to be considered or not as part of premium for the purpose of TDS deduction
23 March 2012
Dear Sushil
For Calculation of TDS on salary paid to employee by the employer. It is required to calculate the total estimated taxable income income after allowing eligible deduction Under Chapter VI of income tax act i.e. Sec.80c to 80U of employee is required.threfor repayment of house loan for which emplooye is eligible to get deduction U/s 80C & Interest on housing loan for which employee is eligible to get deduction under house property income. from the above it very clear for calculation TDS liability repayment of housing Loan & interest on housing loan will be required to consider.
For Calculation of TDS on salary paid to employee by the employer. It is required to calculate the total estimated taxable income income after allowing eligible deduction Under Chapter VI of income tax act i.e. Sec.80c to 80U of employee is required.threfor repayment of house loan for which emplooye is eligible to get deduction U/s 80C & Interest on housing loan for which employee is eligible to get deduction under house property income. from the above it very clear for calculation TDS liability repayment of housing Loan & interest on housing loan will be required to consider.
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