Tds deducted or not

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

05 October 2015 Hi Everybody,

Greetings for the day.

I am currently working in an Software Company as as an Accounts Executive for past 3 1/2 years.

I have an Query:-

One of our Employee working in our Chennai Branch has been Re-located to our Head Office which is in USA in the month of MARCH 2015. We paid him as Full & Final Settlement in the month of April 2015 itself giving the Components According to his Pay structure, the payment has been made thru Online transfer.

The Scenario is suddenly & recently in 'SEPT'15' i have been asked to the same gentleman 'Bonus Appraisal' which is a regular Component as per our Organization terms for some of the Employees has to be given including him also who got re-located to our U.S. Office. The Amount has to be paid is 38,243/-, so far i didn't pay.

1) The Employees who are Eligible for this 'Bonus Appraisal' some of them has been Paid in 'August' & some in 'Sept'2015' paid.

2) I should pay anyway, first of all Whether TDS will arise for him, if so what is the % ?

3) Already i have filed March TDS in April month & Subsequently i have made,filed the ETDS return for Quarter 4 also.

So Can anyone help me out by giving a Better Solution which does not affect my Accounts as Well as Revising the TDS & ETDS return.

Kindly do the needful.

Thanks.

Amol S Joglekar

Amol S Joglekar (Expert)
Follow

05 October 2015 Bonus is paid in Sept 2015. It is part of salary.

Salary for the year 2015-16 seems to be below taxable considering the fact that the employee is relocated to USA. So the employee is NON RESIDENT in India as per income tax act.

Since his salary in India is below taxable, TDS is not applicable?

If by paying BONUS, the same is getting TAXABLE, then deduct TDS from the payment and deposit it with Govt account before 7/10/2015

Querist : Anonymous

Querist : Anonymous (Querist)

06 October 2015 Hi Sir,

Thank you for the message.

But i am going to show, book as Full & Final settlement 'Dr.' Salary-Employee 'Cr'. and show in Narration as:- Bonus Appraisal paid during the year.

1) In that Case will TDS arise?

2) If So what is the Calculation (%) i should make to Deduct TDS and Can i pay On (or) Before 07th October.

Look forward your reply.

Thanks & Regards.

Amol S Joglekar

Amol S Joglekar (Expert)
Follow

06 October 2015 You paid him in April 2015. If that relates to financial year 2014-15, then this bonus will constitute the salary for the financial year 2015-16. Since this amount of bonus is less than the amount chargeable to tax, NO TDS is required to be made.

Querist : Anonymous

Querist : Anonymous (Querist)

06 October 2015 Hi,

Thank you Sir, thank's a lot for your information.

Do keep in touch, my mail-id is sugadeesh@gmail.com.

One request anything related to Accounts query in which email-id (or) Contact no. Shall i Contact you.

Kindly let me know.

Thanks & Regards

Amol S Joglekar

Amol S Joglekar (Expert)
Follow

11 October 2015 yes, you are most welcome.

do give the reference of CACLUBINDIA in the subject, so that it wont go to SPAM.

my e mail id is amolshankar@gmail.com

93712 35540 is my cell number. Do give the reference of CACLUBOFINDIA while calling on cell phone as well.

Querist : Anonymous

Querist : Anonymous (Querist)

12 October 2015 Hi,

Greetings for the day.

Thank you sir, thank's a lot for the message as Well as the Information.

Will do as you say.

Take Care. Bye Byeeeeeeeeeeee.

Regards
S.Sugadeesh Kumar

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Samruddhi Agrawal

N.Chandrasekaran

Rajesh

Rajesh Surapaneni

damodara rao tedla

Subscribe Now

Tds deducted or not

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Accountant

GST CONSULTANCY

GST CONSULTANT

Senior Executive

CA Final

Manager- Finance and Compliance