TDS
This query is : Resolved
06 June 2011
For eg. if d salary of an employee in Feb. 2010 is say Rs. 50000 & if d employee has left d job,then what is d tax liability on d company if d pymnt of d salary is made in April 2011???
06 June 2011
According to me the amount of the salary will shown as liability of the company in the Balance Sheet.
06 June 2011
For applying the provisions of TDS on salary one need to check that how much salary has got due...andaccordingly the things will be dealt....and if the amount of salary crosses the basic exemption limit...then since the matter is of salary relates to Feb the TDS need to be deducted and need to be deposited to the government accordingly
06 June 2011
And since the person is leaving the job therefore the salary will get due in month of FEB only and for that deduction need to made and be deposited accordingly and if TDS has been not deducted or deducted late or dedcuted and not paid then the interest shall be liable on the same...
06 June 2011
TDS on Salary u/s. 192 is deductible only on actual payment of salary.
Hence liability arises only in April 2011 when it is actually paid.
Hence liability arises only in April 2011 when it is actually paid.
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
- CLOSING STOCK QUERY
- Exiting partner in partnership firm in gst portal
- TDS on rent received on hardship compensation being rent on redevelopment of building
- Consequences of Non-Deduction of TDS under Income Tax???????????????
- Missed TDS
- IT returns for fresh job holders
- F&O reporting in ITR
- CASH GIFT FROM BLOOD RELATIVE
- TDS offline utility
- Due Date Clarity
- Account freezed for Ineligible ITC Scrutiny for GST Annual Return
- TDS on property - Form 141 query
- Seeking Advice: High Tax Shortfall on Job Switch + Let-Out House Property Loss in FY 2025-26
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
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
