Salary cheque with no tds
This query is : Resolved
04 March 2014
Dear all,
I work for a pvt ltd company and I receive salary in cheque form. I deposit it into my saving account. Annual income crosses 9L. What am i suppose to do? How am I suppose to file tax for this. Kindly shed me clear ideas.
Thanks for your support.
I work for a pvt ltd company and I receive salary in cheque form. I deposit it into my saving account. Annual income crosses 9L. What am i suppose to do? How am I suppose to file tax for this. Kindly shed me clear ideas.
Thanks for your support.
04 March 2014
if the employer has not deducted TDS, you have to discharge your tax liability by way of advance tax or self-assessment tax. kindly refer to this link https://onlineservices.tin.egov-nsdl.com/etaxnew/tdsnontds.jsp
use challan No 280, tax code: 0021, payment code - 100 for payments made before 15 March (advance tax), and payments made after that under code 300 (self-assessment tax)
use challan No 280, tax code: 0021, payment code - 100 for payments made before 15 March (advance tax), and payments made after that under code 300 (self-assessment tax)
04 March 2014
Thanks first for the reply.
I have car loan, home loan and jewel loan and hefty fuel/toll expense with bill. Am i eligible to have deductions for these along with my rent, eb, telefone, lic, driver salary?
I have car loan, home loan and jewel loan and hefty fuel/toll expense with bill. Am i eligible to have deductions for these along with my rent, eb, telefone, lic, driver salary?
04 March 2014
car loan, jewel loan - no deduction
home loan - compute eligibility under 24B and section 80C.
fuel and toll expenses, driver salary, telephone etc cannot be claimed as expense as salary. alternatively some tax can be saved if the same is considered as part of perquisites by your employer and reimbursed to you.
rent can be claimed as deduction only if HRA is received as par of salary
LIC premium can be included in deduction under 80C.
what you need to do is to compute your tax liability and then pay the tax using the challans referred above.
home loan - compute eligibility under 24B and section 80C.
fuel and toll expenses, driver salary, telephone etc cannot be claimed as expense as salary. alternatively some tax can be saved if the same is considered as part of perquisites by your employer and reimbursed to you.
rent can be claimed as deduction only if HRA is received as par of salary
LIC premium can be included in deduction under 80C.
what you need to do is to compute your tax liability and then pay the tax using the challans referred above.
04 March 2014
Let me put across a scenario. For example: Am full-time employed with 'A' pvt ltd company where my fixed package is 10.5L pa. I have HRA/Mobile allowance/++++ etc. The company has failed to pay salary for about an year due crisis, hence no salary, no tds, no form 16. Addition to that I own a home based sole proprietorship design company 'B'. Most of the income are cash deposits. Lets assume for AY 2013-14 it was 4Lac in all. Addition to that I serve another 'C' pvt ltd company out of interest and i'm paid in cheque. Lets assume for AY 2013-14 it was 7Lac in all. Now how to frame the entire setup for taxing. May be establish a company or how can it be planned to take up for future. I'm looking at a long term business view with 'C' company without disturbing the permanent employment at 'A'. Kindly walk me through so that I can pay taxes this year rightly.
04 March 2014
Sir, I would suggest that you hire a local chartered accountant to review your bank statements and other documents to arrive at appropriate income under all the heads of income. also applicability of service tax also needs to be checked given that you have more than 10 lakhs under non-salary receipts.
giving general advise here may not be doing justice to issues involving taxation.
giving general advise here may not be doing justice to issues involving taxation.
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04 March 2014
Thanks a lot for your suggestion. But generally whats your opinion on forming what type of company would suffice this kind of income flow?
04 March 2014
i would suggest you form a partnership or LLP for the professional income. cost of compliances in company is way too much.
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