T.d.s.
This query is : Resolved
Tabrej Patel
(Querist)
16 September 2011
IT IS NECESSARY FOR PVT. LTD. COMPANY TO CUT TDS ON SALARY PAID TO DIRECTORS
CA Navin Jain
(Expert)
16 September 2011
YES, TDS IS APPLICABLE ON DIRECTOR REMUNERATION UNDER SEC 192
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Tabrej Patel
(Querist)
16 September 2011
SIR PLS TELL ME RATE % OF TDS FOR THE SAME
16 September 2011
TDS deduction is required only if their income is taxable. No fixed percentage.
Say they receive Rs 5 Lacs p.a.
Exemption limit Rs 1.80 lacs
Say investment u/s 80C and 80D is Rs 1.20 Lacs.
Then TDS to be deducted on income of Rs (5-1.2) =3.8 lacs as per slab.
Exempt upto 1.8 lacs so TDS to be deducted on 2 lacs @10.3%.
Say they receive Rs 5 Lacs p.a.
Exemption limit Rs 1.80 lacs
Say investment u/s 80C and 80D is Rs 1.20 Lacs.
Then TDS to be deducted on income of Rs (5-1.2) =3.8 lacs as per slab.
Exempt upto 1.8 lacs so TDS to be deducted on 2 lacs @10.3%.
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CA Navin Jain
(Expert)
16 September 2011
tax to be deducted at average of income tax
Hari Beldona
(Expert)
16 September 2011
In case of salary income TDS is not based on percentage, the following steps are to be followed:
Compute salary as per Section 192 of the Income Tax Act.
2.Find out Taxable salary income
3.Find out tax on Taxable Salary
Deduct the arrived amount as above
Deduction can be made on adhoc basis every month and compute as above in the month of March :
TDS=Income Tax computed U/s 192- monthly deducted amount so that it will not be burden to deducted at a stroke.
Compute salary as per Section 192 of the Income Tax Act.
2.Find out Taxable salary income
3.Find out tax on Taxable Salary
Deduct the arrived amount as above
Deduction can be made on adhoc basis every month and compute as above in the month of March :
TDS=Income Tax computed U/s 192- monthly deducted amount so that it will not be burden to deducted at a stroke.
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