Tds deduction on salary.
This query is : Resolved
Guest
Guest
(Querist)
12 October 2012
Dear Expert,
We are a sole proprietorship in Delhi. We have more thn 10 employees. We got our TAN NO on 10th of July 2012 but We are paying salary to our employee from April'12. My question is tht should I deduct TDS from April'12 nd pay interest accordingly or I hv to deduct TDS frm July onwrds. As in our co. employees are below 20 in number, so should I deduct PF from salary?? Plz provide me the breakup of salary for a sole proprietorship. Thnks in Adv!!
We are a sole proprietorship in Delhi. We have more thn 10 employees. We got our TAN NO on 10th of July 2012 but We are paying salary to our employee from April'12. My question is tht should I deduct TDS from April'12 nd pay interest accordingly or I hv to deduct TDS frm July onwrds. As in our co. employees are below 20 in number, so should I deduct PF from salary?? Plz provide me the breakup of salary for a sole proprietorship. Thnks in Adv!!
CA Amit Rajput
(Expert)
12 October 2012
Registration in PF department and deducting TDS both are different.
TDS deduction liability arises only when employees paid salary above basic exemption limit only or you can say having taxable salary after taking deduction under chapter VII
TDS deduction liability arises only when employees paid salary above basic exemption limit only or you can say having taxable salary after taking deduction under chapter VII
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