Exams
This query is : Open
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.
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.
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.
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.
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
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
Message likes :
1 times
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.
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.
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
- Make-up ITC- Eligibility
- F & O Loss Audit Requirement
- ITC Re-claimable Ledger
- GST registration /aadion a new place of business in the same state and city
- Overtime income in salaried person case
- New tax regime and old tax regime.
- Regarding GST applicability on RWA
- Upload Verification Error ITR 3 AY205-26
- Rectification of error U/s 154
- BUSINESS +STOCKS
- Late fee CMP-08 FY 2021-22
- Mismatch in gstr-1 and eway bill invoice no
- Clarification Regarding Tax Deduction at Source on Receipt Against Issuance of Privilege Voucher
- GST TDS on metal scrap
- ITC Inter head difference
- 80CCD(2) of IT ACT
- Guidance for proper GST accounting (eway bill with correct valuation) for cut-to-pack job work given
- GST Treatment multiple delivery services
- Sale of foreign shares in Indian Rupees - FEMA rules
- Calculate Tax Liability of Sharmila
Trending Online Classes
-
Input Tax Credit, GST refunds and Recovery of refunds- Roadblocks and way outs
CA Nipun Arora03 September 2025 -
GST LIVE Certification Course - 43rd Weekdays Batch(With Govt Certificate)
Industry Expert15 September 2025
CAclubindia
