30 April 2014
i am pay Remuneration to our director Rs.1680000/- in f.y.2014-15 & a interest on unsecured loan Rs.802500/- Total amount pay Rs.1680000/- plus Rs.802500/- Total paid Rs.2482500/-during f.y.2014-15 . tds deduct on remuneration rs.344020/- tds deduct on interest rs.80250/- i am right or wrong please give me reply.........
30 April 2014
From my point of view, Tax should be deducted on total Income basis as both the Incomes are paid by one company itself. Add Interest Income in 'Other Income' of Director's Form 16 and then compute total tax liability. Although that tax has to be paid by Director at the time of filing his personal ITR, but preferably, TDS should be calculated on total income from Company. It will also avoid Advance tax liability & Interest u/s 234B & C.
30 April 2014
you cannot club interest paid with remuneration. you have correctly deducted the taxes. Director should ensure payment of balance taxes on his own.
30 April 2014
if your director is full time and on company pay roll then you have deduct tds on remuneration as salary. otherwise deduct u/s 194 J @ 10%
03 May 2014
TDS deduction on interest is done correctly but while making TDS on salaries, you need to consider "other income" of the employee and Taxes paid on those incomes. By that way, you may need to deduct more TDS under 192B.
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