Tds doubt
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
29 July 2013
I have a doubt on the concept of TDS.Suppose Mr.X has ONLY salary income Of Rs.70000 p.m and thus he earns Rs.840000 p.a.After claiming deductions of Rs.100000, his net income is Rs.740000.As per the slab rates Taxes payable with education cess would be Rs.80340.
Therefore Average rate of taxes on salary would be 9.56%. TDS on salary would be deducted @ 9.56%. i.e Rs.6695 would be deducted per month from his salary.
Now my question is since he has only salary income would he be required to pay again any annual tax.Is his Income from salary has to be calculated at the end of financial year in order to pay taxes.
Pls. suggest as am an IPCC student and has not understood this concept ,
Thanks.
Therefore Average rate of taxes on salary would be 9.56%. TDS on salary would be deducted @ 9.56%. i.e Rs.6695 would be deducted per month from his salary.
Now my question is since he has only salary income would he be required to pay again any annual tax.Is his Income from salary has to be calculated at the end of financial year in order to pay taxes.
Pls. suggest as am an IPCC student and has not understood this concept ,
Thanks.
12 August 2013
In the month of March, the total income and tax thereon should be computed. From such tax liability the TDS amount should be reduced and the balance amount should be deducted as TDS from the salary of March.
This will ensure that the whole amount of tax liability has been settled by way of TDS.
Accordingly the assessee will NOT have to pay any additional tax provided he DOES NOT have any other income.
This will ensure that the whole amount of tax liability has been settled by way of TDS.
Accordingly the assessee will NOT have to pay any additional tax provided he DOES NOT have any other income.
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