Tds on salaries
This query is : Resolved
12 June 2013
Dear Experts,
1. Our client has made settlements for about 120 employees during 2012-13 F.Y. which includes Gratuity, Retrenchment Compensation, Leave Encashment, Other settlement amounts. All above compensation will exceed basic exemption limit before claiming Section 10 Exemptions. Do we need to issue Form 16 by filing TDS returns to all workers?
2. How much is the maximum exemption limit for Retrenchment compensation? Is it Rs. 50000/- or Rs. 500000/-?
Thanks in advance.
1. Our client has made settlements for about 120 employees during 2012-13 F.Y. which includes Gratuity, Retrenchment Compensation, Leave Encashment, Other settlement amounts. All above compensation will exceed basic exemption limit before claiming Section 10 Exemptions. Do we need to issue Form 16 by filing TDS returns to all workers?
2. How much is the maximum exemption limit for Retrenchment compensation? Is it Rs. 50000/- or Rs. 500000/-?
Thanks in advance.
12 June 2013
Basic exemption limit of 5,00,000.
12 June 2013
Mr. Verma,
The following provision says maximum is Rs. 50000/-. Could you please provide me the reference data for Rs. 500000/-?
Section 10[(10B) any compensation received by a workman under the Industrial Disputes Act, 1947 (14 of 1947), or under any other Act or Rules, orders or notifications issued thereunder or under any standing orders or under any award, contract of service or otherwise, 74[at the time of his retrenchment :
Provided that the amount exempt under this clause shall not exceed—
(i) an amount calculated in accordance with the provisions of 75clause (b) of section 25F of the Industrial Disputes Act, 1947 (14 of 1947) ; or
76[(ii) such amount, not being less than fifty thousand rupees, as the Central Government may, by notification77 in the Official Gazette, specify in this behalf,]
whichever is less :
The following provision says maximum is Rs. 50000/-. Could you please provide me the reference data for Rs. 500000/-?
Section 10[(10B) any compensation received by a workman under the Industrial Disputes Act, 1947 (14 of 1947), or under any other Act or Rules, orders or notifications issued thereunder or under any standing orders or under any award, contract of service or otherwise, 74[at the time of his retrenchment :
Provided that the amount exempt under this clause shall not exceed—
(i) an amount calculated in accordance with the provisions of 75clause (b) of section 25F of the Industrial Disputes Act, 1947 (14 of 1947) ; or
76[(ii) such amount, not being less than fifty thousand rupees, as the Central Government may, by notification77 in the Official Gazette, specify in this behalf,]
whichever is less :
12 June 2013
sir please refer
Notification No. 10969 [F. No. 200/21/97-IT(A-I)], dated 25-6-1999.
the amount rs 50000/- is raised to 5 Lac.
Notification No. 10969 [F. No. 200/21/97-IT(A-I)], dated 25-6-1999.
the amount rs 50000/- is raised to 5 Lac.
12 June 2013
sir please refer
Notification No. 10969 [F. No. 200/21/97-IT(A-I)], dated 25-6-1999.
the amount rs 50000/- is raised to 5 Lac.
Notification No. 10969 [F. No. 200/21/97-IT(A-I)], dated 25-6-1999.
the amount rs 50000/- is raised to 5 Lac.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CAPITAL GAIN BASE ON NOTIFICATION
- Form 140 tds
- Taxable or Tax exempt
- ADVANCE PAYMENT OF ADVOCATE
- Demand Outstanding AY 2013-14 TDS Deducted not shown in 26as
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- NRI starting business in India
- TDS Deducted AY-2013-14 Not Reflected in 26as
- CREDIT NOTES WITHOUT GST
- Filling ITR - U
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
