TDS ON SALARY ????
This query is : Resolved
12 March 2009
XYZ PVT.LTD. HAS PROVIDED SALARY TO IT'S DIRECTORS NO PAYMENT HAS BEEN MADE AGAINST THIS PROVISION DURING THE YEAR.AMOUNT OF SALARY SAY 8 LAKH P.A.
(1) WHETHER TDS HAS TO BE DEDUCTED ON PROVISION OF SALARY.
SINCE AS PER SEC.192B TDS IS REQUIRED TO DEDUCTED AT THE TIME OF PAYMENT .
(2) WHETHER DIRECTOR OR EMPLOYEE CAN CLAIM SALARY INCOME FOR THE A.Y.2009-10.
IF YES THAN WHAT ABOUT THE TAX LIABILITY ?WHETHER DIRECTOR HAS TO PAY TAX ON SUCH SALARY ?
(1) WHETHER TDS HAS TO BE DEDUCTED ON PROVISION OF SALARY.
SINCE AS PER SEC.192B TDS IS REQUIRED TO DEDUCTED AT THE TIME OF PAYMENT .
(2) WHETHER DIRECTOR OR EMPLOYEE CAN CLAIM SALARY INCOME FOR THE A.Y.2009-10.
IF YES THAN WHAT ABOUT THE TAX LIABILITY ?WHETHER DIRECTOR HAS TO PAY TAX ON SUCH SALARY ?
12 March 2009
Dear Yogesh,
if employer & employee relationship is their
In anycase TDS has to be deducted and Diretor can claim under Salary head.
No Tax to be paid by director if TDS is properly deducted and required forms are obtained.
if employer & employee relationship is their
In anycase TDS has to be deducted and Diretor can claim under Salary head.
No Tax to be paid by director if TDS is properly deducted and required forms are obtained.
12 March 2009
1.For TDS - TDS is deducted at the time of payment of salary, so no TDS on provision.
12 March 2009
2. Salary is taxable in the hands of employee on due basis whether actually paid or not. Section - 15.
So taxable in the hands of Directors.
So taxable in the hands of Directors.
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