Tds for Employees
24 January 2020
As per 19-20 slabs salary more than 5,50,000(per year) and 45,800(per month) is liable for tds deductions. But i have noticed tds deductions in other companies who deducts tds for 20,000 salaried persons also. On what basis they deduct. Our form has 300 employees and we deduct yearly once whose salaies are more than 45000 after submissios under 80c.
26 May 2020
The employer only need to deduct TDS if the net income after adjustment of deductions, investments and rebates eligible exceeds the Basic Exemption Limit. In your case you may carry out the calculate as deduct TDS accordingly. Other companies may be deduction TDS but the employee can always file the ITR and claim the Refund from IT Department.