Tds on salary
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
29 November 2013
GUD AFTERNOON TO ALL EXPERTS,
OUR COMPANY GIVE ADVANCE AGT. SALARY TO HIS EMPLOYEE.THEN I WANT TO ASK ONLY THAT CAN I DEDUCT TDS ON SALARY AT THE TIME OF ADVANCE PAID OT FINANCIAL YEAR END
THANKS
OUR COMPANY GIVE ADVANCE AGT. SALARY TO HIS EMPLOYEE.THEN I WANT TO ASK ONLY THAT CAN I DEDUCT TDS ON SALARY AT THE TIME OF ADVANCE PAID OT FINANCIAL YEAR END
THANKS
Manish Bhandari
(Expert)
29 November 2013
The best is compute his yearly salary and then on computed tax pay in 12 instalments. If not possible then at least in last quarter. In such case TDS on advance salary is not required. But if the advance is to a extent such as three months salary then it is better to safeguard your interest and deduct proportionate TDS.
CMA Ramesh Krishnan
(Expert)
29 November 2013
If it is loan nature, you need to calculate only interest perquisite and add as income and deduct TDS accordingly
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