TDS

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

17 February 2011 We are a Partnership Firm, Please Suggest us that can we deduct TDS for this employee Mr. Somnath Ghosh :

Financial Year 2010-11
Salary (April to january,11) Rs. 1,53,466.00
bonus Rs. 15,000
Deducted P.F(April to january,11)9208.00
Deducted P.Tax(April to january,11)1240.00
ADDITIONAL Salary (Feb to March,11) 31,000.00
Deductable P.F(Feb to march,11)1,860.00
Deductable P.Tax (Feb to march,11)260.00

He(Somnath ghosh) already given us (dated 31/12/2010) Xerox Copy of NSC(Nation Saving Certificate) Rs. 35,000.00 for this Financial Year

So please suggest us immediately Can We deduct TDS to Somnath Saha

CMA. Subhash Kumar Jha

CMA. Subhash Kumar Jha (Expert)
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17 February 2011 No... TDS should not be deducted.

CMA. Subhash Kumar Jha

CMA. Subhash Kumar Jha (Expert)
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17 February 2011 If you calculate his taxable salary its :

153466+15000+31000-1240-260 = 197966/-
Deduction under 80C=9208+1860+35000= 46068/-

So net taxable salary = 151898/-

which is below Rs. 160000/-

So TDS should not be deducted.

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