Tds on Director Salary Income
This query is : Resolved
12 April 2023
Dear Sir,
We are a manufacturing Company, in which there are 5 directors each director is getting a salary of Rs 50000 p.m. against which company is deducting Rs 1950/- pm as tds, now in the month of March 2023 director has given interest on their unsecured loan given to company against which 10% tds is charged by the company, now what tds should company deduct from March 2023 Salary, as Income tax on Salary income plus intt on unsecured loans income is higher than their monthly salary. kindly clarify this issue.
Thanks & Regards
We are a manufacturing Company, in which there are 5 directors each director is getting a salary of Rs 50000 p.m. against which company is deducting Rs 1950/- pm as tds, now in the month of March 2023 director has given interest on their unsecured loan given to company against which 10% tds is charged by the company, now what tds should company deduct from March 2023 Salary, as Income tax on Salary income plus intt on unsecured loans income is higher than their monthly salary. kindly clarify this issue.
Thanks & Regards
13 April 2023
10% TDS on interest is enough.
Balance TDS on salary may be deducted in March salary
Balance TDS on salary may be deducted in March salary
14 April 2023
Sir, TDS on Total income is higher than March Salary.
14 April 2023
Remit the balance TDS treat it as advance and recover it in April salary.
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