Tds deduction remittance

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

23 May 2014 I work in CBSE school. Is it mandatory to deduct TDS on salaries every month and deposit to Govt a/c Or Can't we deduct tds on accumulated salary of 12 months and deposit the same before 31 st march of financial year?. Is there any penality if I do so.Please let me know the consequence.

Regards

Ravi Krishna

Thiyagarajan.K

Thiyagarajan.K (Expert)

23 May 2014 Dear Mr. Ravikrishna
As per the IT act 1961, salary for an individual crosses more than 2 Lakhs tax liability will come, 2 laksh is the basic exemption limit, so pls calculate each ane evry person salary if crosses more than 2 lakhs that is crossing exemption limit TDS should be deducted by the company or Remitter or Employer, and additional information if any investment proofs submitted by the Employee that should be considered and after deducting the basic exemption from his total salary P.A, and deduct the investments given by the employee, more than the balance amount will come means TDS should be deducted at the year end by the employer. It will cover under sec 192 of the TDS Act.

Regards
Thiyagu. K

Rupesh Jain

Rupesh Jain (Expert)

23 May 2014 u/s 192 you have to calculate the tax liability of every employee having salary exceeds exemption limit.

and calculate the tax according to tax slab and deduct the equal amount of tax every month.

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