regarding salary tds

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priti (Querist)
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31 January 2011 our co. regd. on 19th oct 2010. so i have to calculated tds on estimated salary of april to mar only for finding whether person comes under taxable slab or from 19th oct to mar
should i take actual salary upto now or gross salary and give applicable deductions
total tds to deducted will be from 19th oct to mar 2011 but for finding taxable salary count from april to mar
pls reply urgent

CA Punit

CA Punit (Expert)
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31 January 2011 TDS on salary should be deducted estimating employees' annual income.

if ur employees' annual income including salary received from ur co. & earlier employer comes under taxable slab, then TDS should be made.

CA Manikandan.A.V

CA Manikandan.A.V (Expert)
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31 January 2011 For Salary TDS deductions the company need to consider the Taxable income of the employee for the total financial year. The company should obtain a statement from the employee in Form 12b about the income from previous employment and deduct TDS on his taxable income. All deductions including PF deducted, Prof Tax paid while previous employment tenure can also be considered.

Please see Form 12 B in

https://law.incometaxindia.gov.in/DITTaxmann/IncomeTaxRules/pdf/itr62Form12B.pdf

CA Punit

CA Punit (Expert)
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31 January 2011 thanks... Mr. Manikandan for details :)

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