09 July 2012
Section 192 of the I.T.Act, 1961 provides that every person responsible for paying any income which is chargeable under the head ‘salary’, shall deduct income tax on the estimated income of the assessee under the head salaries. The tax is required to be calculated at the average rate of income tax as computed on the basis of the rates in force. The deduction is to be made at the time of the actual payment. However, no tax is required to be deducted at source, unless the estimated salary income exceeds the maximum amount not chargeable to tax applicable in case of an individual during the relevant financial year.In other words, due date of deposit of TDS is 7th june in this case.
09 July 2012
In case of salary, TDS is required to be deducted at the time of payment to the employees. Accordingly, TDS for salary is to be deducted on 10th may and to be paid to the govt on or before 07th june.
09 July 2012
TDS on Salary is deducted on payment basis. So if the Salary payment is made of 10th May after deduction of TDS then the due date of payment will be 7th day on the succeeding month that is by 7th June
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