tds

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kunal sachdeva (Querist)

18 October 2010 we have paid salary of rs 22000 p.m to directors, i wud like to ask whether tds will be deducted on these payments or not as after getting deductions u/s vi-a total amount paid as salary is exempt,
we have not deducted tds for the ist 2 quarters for the financial year 2010-11, accordingly we have not filed the returns
now if tax has to be deducted, then what will the solution for ist two quarters

Ca Aashish Upadhyay

Ca Aashish Upadhyay (Expert)

18 October 2010 No As the total TAX LIABILITY WILL BE NIL as u have computed than u r not required to deduct the TDS. Kindly obtain a declaration form of eliglbe investments from the Employee and held it on record!

taxindiaconnect

taxindiaconnect (Expert)

18 October 2010 You need to follow the same procedure for deduction of tax at source from salary to directors as you are following for ordinary employee. No need to deduct tax if no taxable income. Please keep the documents in file as advised by Ashish.

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