tds
This query is : Resolved
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
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
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!
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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- About TDS & Income Tax
- Scrutiny and reopening of past returns
- Under construction property in ITR
- PPF interest-As Exempt Income disclosure
- Pass word to open justification report for Q1 for FY 2026-27
- Section 194JA & JB Income which ITR Form to use
- Upload Level ValidationITR3Category of Defect B/D
- Booth for sales promotion
- Not able to file ITR
- Building tax payment deduction in rental Income
- VALUATION OF PRIVATE LIMITED COMPANY SHARES
- LIABILITY ADJUSTMENT
- Capital Gains on sale of residential flat
- Accounting with Claude
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
