Deductions on salary
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
13 October 2011
Sir,
1)if the salary of a person is Rs 35000/- wat r the deduction and how much amout to be deducted? As per my knowledge PT is 200, IT is 4,20,000-1,80,000=2,40,000 x 10% = 24,000/12=2,000.00, is this correct?
kindly let me know any other deductions? kindly let me know PF calculation.
2) we had designed a photo realistic computer Prospective of our project, and designer has charged Rs. 35,000/-lum sum amount for that and mentioned that service charge is not applicable, i hav not deducted TDS for that? kindly advice me on this issue urgently
1)if the salary of a person is Rs 35000/- wat r the deduction and how much amout to be deducted? As per my knowledge PT is 200, IT is 4,20,000-1,80,000=2,40,000 x 10% = 24,000/12=2,000.00, is this correct?
kindly let me know any other deductions? kindly let me know PF calculation.
2) we had designed a photo realistic computer Prospective of our project, and designer has charged Rs. 35,000/-lum sum amount for that and mentioned that service charge is not applicable, i hav not deducted TDS for that? kindly advice me on this issue urgently
13 October 2011
1) This is okay. Other deductions possible is contribution to Provident fund etc.
2) Designers fees of Rs 35000 is in the nature of professional services.
Deduct tds @10% u/s 194J as the payment exceeds Rs30000
2) Designers fees of Rs 35000 is in the nature of professional services.
Deduct tds @10% u/s 194J as the payment exceeds Rs30000
Message likes :
1 times
13 October 2011
(1) Please refer to CBDT circular No.05/2011 of dated 16august 2011 to have a complete information and procedure. EPF is @12% of basic.
(2)Failure to deduct or remit TDS (full or part)
Interest:Interest @12% p.a. from the date onwhich tax was deductible /collectible to the date of payment to
Government Account is chargeable.
Futhere, rigorous
imprisonment ranging from 3 months to 7 years and fine can be levied.
(2)Failure to deduct or remit TDS (full or part)
Interest:Interest @12% p.a. from the date onwhich tax was deductible /collectible to the date of payment to
Government Account is chargeable.
Futhere, rigorous
imprisonment ranging from 3 months to 7 years and fine can be levied.
Message likes :
1 times
13 October 2011
Dear Mr. Raj,
i think that you have to bifurcate your 35000 salary into basis, hra, conveyance allowance, medical reimbursement for tax saving purpose. then your tax will be reduced automatically.
Thanx & Best Regards,
Preeti Rajput
9015098149
i think that you have to bifurcate your 35000 salary into basis, hra, conveyance allowance, medical reimbursement for tax saving purpose. then your tax will be reduced automatically.
Thanx & Best Regards,
Preeti Rajput
9015098149
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CAPITAL GAIN BASE ON NOTIFICATION
- Form 140 tds
- Taxable or Tax exempt
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- TDS Deducted AY-2013-14 Not Reflected in 26as
- Demand Outstanding AY 2013-14 TDS Deducted not shown in 26as
- NRI starting business in India
- ADVANCE PAYMENT OF ADVOCATE
- Filling ITR - U
- TDS Return Q1 FY 2026-27
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
