Tds on salaries
This query is : Resolved
UJJWAL ADHIKARI
(Querist)
15 September 2012
CAN ANYONE SOLVE THIS PROBLEM, THAT IS IT MANDATORY BY ANY PROVISION OF IT ACT TO DEDUCT TDS ON SALARIES FROM EVERY MONTHS SALARIES ? IF YES THEN HOW I CALCULATE THE MONTHLY TDS FROM THE EMPLOYEES SALARY? PL EXPLAIN IT
HARI KRISHNA
(Expert)
15 September 2012
There is not provision in IT act that deduct tax from every month salary. Once it crossed basic exemption limit and after considering deuctions then only we should deduct tax u/s 192.for detailed discussion plz read sec-192 of INCOME TAX ACT
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CA CS Amit S. Kedia
(Expert)
15 September 2012
Yes..it is mandatory to deduct the TDS on month to month basis.. since the salary is beinf paid on monthly basis which means income in the hands of the employees is accruing every month.
Once the income is accrued in the hands of the assess and TDS provisions are there for such transactios then it will be deducted on the basis of accrual of income.
for calculating TDs on monthly salary, you need to estimate the salary of the employee for the whole of the year and deduction under chapter VI-A, if declared, has to dedcuted from such salary and calculate TDS on such salary for each and every employee.
TDS of the year is to be devided by 12 to arrive at salary for the month.
Once the income is accrued in the hands of the assess and TDS provisions are there for such transactios then it will be deducted on the basis of accrual of income.
for calculating TDs on monthly salary, you need to estimate the salary of the employee for the whole of the year and deduction under chapter VI-A, if declared, has to dedcuted from such salary and calculate TDS on such salary for each and every employee.
TDS of the year is to be devided by 12 to arrive at salary for the month.
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