Taxation

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irfan (Querist)
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22 November 2014 our firm is proprietor and I want to deduct tds on employees salary what is rate of deduction and after that how to pay tds to government please suggest

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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22 November 2014 1. Tax is to be deducted at average rate of tax.. You have to calculate the estimated total income of the employee for the whole year and calculate the tax thereon. Monthly TDS will be equal to tax liability/number of months

2. You have to apply for TAN (Tax Deduction and Collection Account Number)

3. You have to deposit TDS on a monthly basis by 7th of the succeeding month. TDS for the month of March can be deposited by 30th April.

4. You have to file a quarterly TDS return by 15th of the succeeding month. Return for the 4th quarter ended 31st March can be filed by 15th May

Rupesh Jain

Rupesh Jain (Expert)
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22 November 2014 YOU HAVE TO CALCULATE THE TAX IN THE BEGINNING OF THE YEAR AND TAKE INVESTMENT DECLARATION FORM FROM EMPLOYEE
AND DEDUCT THE TAX IN 12 MONTH EQUALLY.

FOR THAT YOU HAVE REQUIRED TAN AND EMPLOYEE PAN

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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01 December 2014 agree with sidharths views......................

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