HELP ON Urgent basis req.deduction of TDS
This query is : Resolved
02 February 2011
We are a multi unit company. In one of our unit we have done one time settlement with four employees at one fixed amount of Rs.2.6 Lacs. This settlement is towards Wages, Bonus, Gratuity and EL. Wages pertain to last three years.
There has been a dispute with these 4 workers in court and now company has entered into one time settlement with all of them paying Rs. 2.6 Lacs each to them.
Please let us know,
What amount of TDS is deductible,
Any deduction can be given not to deduct any TDS.
There has been a dispute with these 4 workers in court and now company has entered into one time settlement with all of them paying Rs. 2.6 Lacs each to them.
Please let us know,
What amount of TDS is deductible,
Any deduction can be given not to deduct any TDS.
Guest
Guest
(Expert)
02 February 2011
Deduction as per total salary all such employees will be deducted Deduction 80C etc. can be allowed
11 June 2011
As Wages, Bonus and EL all are fully taxable, so TDS will be deductaible on above as per applicable slab to respective employee.
Portion of Gratuity is exempt as calculated by specified procedure in Income Tax Act, so that exempted amount will not be taxable and consequently TDS will not be deducted.
Portion of Gratuity is exempt as calculated by specified procedure in Income Tax Act, so that exempted amount will not be taxable and consequently TDS will not be deducted.
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