Tds

This query is : Resolved

Kanhaiya Lal Verma (Querist)
Follow

20 February 2013 Dear Experts
If in a co. an employee gets salary aprox 3 Lac then TDS on salary deducted and must be deposited, but If his total investment including u/s 80C is more than 1 lac then Company will deduct TDS on salary or not, If there is any entry in the books of company pass for the Investment of the employee. Please guide me.

Thanks

CA Suraj Lakhotia

CA Suraj Lakhotia (Expert)
Follow

20 February 2013 There is no entry a company needs to pass in its book for investments made by employee.

If total income after deduction under chapter VIA is less than basic exemption limit, then no need to deduction of tax at source.

Kanhaiya Lal Verma

Kanhaiya Lal Verma (Querist)
Follow

20 February 2013 Thank You very much