Tds deduction

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

05 January 2012 Hello,

I'm working in a company on contractual basis from 31st March 2011 and my contract got over on 31st Dec 2011 and now the company has taken me on company's payroll from dated 2nd jan 2012.

Now my question is how can company deduct my TDS by there own as i got on company's payroll from 2nd Jan 2012. or Is Company liable to deduct my TDS as my monthly income is 8500 pm., If Yes, than what will be the amount which will be deducted.

vipul Shah

vipul Shah (Expert)
Follow

05 January 2012 TDs deduction is possible if annual salary is more than exemption limit applicable to male/female assessee. In your case if salary is below exemption limit hence no deduction on account of tds.

CA Deepak S

CA Deepak S (Expert)
Follow

05 January 2012 If your salary is 8500 per month then your total income would be 102,000 only and since your income is below taxable limit ie;Rs.1,80,000 (if male) no tax deduction is required

Vineet Goyal

Vineet Goyal (Expert)
Follow

05 January 2012 For F.Y. 2011-12, your co. cannot deduct TDS as your salary during the year is just Rs 8500x3 = Rs 25500/- subject to the condition that you have not declared any income.

Querist : Anonymous

Querist : Anonymous (Querist)

06 January 2012 Thank you very much for sharing such a valueable information.

Querist : Anonymous

Querist : Anonymous (Querist)

06 January 2012 Thank you very much for sharing such a valueable information.

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