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Tds

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Querist : Anonymous

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Querist : Anonymous (Querist)
14 April 2012 I am a prop.of a firm which have 12 employee whose salary is more than 15000rs monthly and they are illegible for tds . i want to deduct their tds .
please tell me all the detail procedure of deducting and deposit tax to government. pls briefly and stepwise.
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CA Kishore Tallam

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CA Kishore Tallam (Expert)
14 April 2012 U r liable to deduct TDS only if u r subjected to tax audit u/s 44AB. Else, not required.
However, if u want to follow TDS procedures, u have to first obtain TAN no. Then for salaries, take a declaration from employees pertaining to their savings and rentals and house property incomes. Then compute tax and deduct the tax by dividing the total tax liability by 12. In case of salaries cost for all months except March, it has to deposited on or before 7th of next month. In case of March, TDS has to be deposited on or before 30th April.
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