Tds on a pvt ltd co.
This query is : Resolved
Sankar Chakraborty
(Querist)
04 May 2012
When to deposit of Tds on salary monthly / yearly ? when an individual’s salary is 245050/- (cheque amt 18850x12 and one month bonus)
If the above individual tells his investments to LIC would be is Rs. 50000/- for the current year then should we need to deduct Tds monthly ? or yearly, when the employee shows LIC deposits at the end of year.
Please help as I have to take decision for deducting tds from payment of salary of the above particular employee
If the above individual tells his investments to LIC would be is Rs. 50000/- for the current year then should we need to deduct Tds monthly ? or yearly, when the employee shows LIC deposits at the end of year.
Please help as I have to take decision for deducting tds from payment of salary of the above particular employee
Sanket Shah
(Expert)
04 May 2012
TDS on salary is required to be deposited monthly. If employee tells about investment u/s 80C you may consider the same. and if at end of the year employee fails to submit any proof, you will have to deduct tax at that point of time.
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