Tds on salary

This query is : Resolved

chanky (Querist)
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09 July 2012 Salary for the month of april paid om 10th may...what shall be the due date to deposit tds....7th may or 7th june...??

CA Rahul Gupta

CA Rahul Gupta (Expert)
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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.

CA CS Amit S. Kedia

CA CS Amit S. Kedia (Expert)
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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.

CA PRAVEEN SINGH

CA PRAVEEN SINGH (Expert)
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09 July 2012 YES..AGREE WITH ABOVE EXPERTS..

CA Pooja

CA Pooja (Expert)
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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

chanky

chanky (Querist)
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09 July 2012 Thank you all.