Deduction of TDS @ maximum rate
This query is : Resolved
CA Surajit Roy
(Querist)
25 October 2008
I hav withdrawn my Superannuation Fund from my Co's Fund. But TDS is deducted @30.9% from my payment. I know that exemption is not avaiulable u/s 10(13). My question is
1) is TDS deductible @ maximum rate?
2) Cant i claim TDS in my Tax filing.
Plse reply.
1) is TDS deductible @ maximum rate?
2) Cant i claim TDS in my Tax filing.
Plse reply.
S.Srinivasaraghavan
(Expert)
25 October 2008
1)Who has deducted?(company or Fund)
2)Yes you can.
2)Yes you can.
CA Surajit Roy
(Querist)
27 October 2008
TDS was deducted by the Fund Trust.
Is maximum TDS rate justified ?
Thanks for the reply
Is maximum TDS rate justified ?
Thanks for the reply
CA Bosu babu
(Expert)
28 October 2008
Since Tds is deducted 30.9% , your income from salaery would have exceeded the 2.5 lakh slab but less than 10 lakhs(since surchsrge not chaerged).
Example
Salary before suppeannaution Rs.4,00,000.00
salary after supperannuation Rs.5,00,000.00
Since deduction u/s 10(13)is not available, the company has deducted the same from the superannuation fund .
if superannuation is not there then company wil deduct tax on 4lacs lik this,
110000 - 150000 = 10%
150000-250000 = 20% &
total income - 250000 = 30%
so any addition to the salary Rs.4 lacs will come to 30% slab. and you hav taken fund from your own company they knws tat your salary is > 2.5 & < 10 lacs they deducted directly @ 30.9%(30% + 3% Educational cess on 30%) and given TDS certificate to you.
Example
Salary before suppeannaution Rs.4,00,000.00
salary after supperannuation Rs.5,00,000.00
Since deduction u/s 10(13)is not available, the company has deducted the same from the superannuation fund .
if superannuation is not there then company wil deduct tax on 4lacs lik this,
110000 - 150000 = 10%
150000-250000 = 20% &
total income - 250000 = 30%
so any addition to the salary Rs.4 lacs will come to 30% slab. and you hav taken fund from your own company they knws tat your salary is > 2.5 & < 10 lacs they deducted directly @ 30.9%(30% + 3% Educational cess on 30%) and given TDS certificate to you.
S.Srinivasaraghavan
(Expert)
30 October 2008
Correctly explained by Mr.Bosu.
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