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Sankar Chakraborty

Sankar Chakraborty (Querist)
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08 June 2012 CAN WE DEDUCT AND DEPOSIT TDS ON SALARY YEARLY ?

Querist : Anonymous

Querist : Anonymous (Querist)

08 June 2012 Hi,

If i leave to abroad to UAE, can i pursue my CA?

I am doing PCC i have written the exam.

For further exam purposes, (to apply for final, exam centres at UAE) are available?

Do you have any institution there for coaching?

Please reply.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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08 June 2012 As per Section 192, TDS is required to be deducted at the time of payment. Since salary is paid on a monthly basis, TDS is required to be deducted on a monthly basis.

This TDS has to be deposited by 7th of next month (30th April in case of TDS for the month of March).

Default in deduction or deposit of TDS attracts interest liability.

Accordingly, TDS should be deducted and deposited on a monthly basis to avoid penalty and interest.

Sankar Chakraborty

Sankar Chakraborty (Querist)
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08 June 2012 but threshold limit of tds on salary to individual is Rs. 2.00 lac (f.y. 12-13)
total salary 20000.00 &
we pay Rs. 18850/- p.m. after deducting P.F. of rs. 1020/- and profession tax of rs. 130/- to an employee so when it would crosses Rs. 2.00 then tds libility occurs or not ? please confirm
and also said employee requested that
he pays LIC of Rs. 40000 per year

then what to do

please revert

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CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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08 June 2012 During the month of April you have to calculate the estimated total income of the employee for the whole year.

Then compute the tax liability on this total income.

This tax liability is required to be recovered on a monthly basis.

In your case, the estimated total income is Rs. 1,86,200 which is less than the exemption limit.

Accordingly, TDS will not be deducted in this case.

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