TDS on Salary
This query is : Resolved
24 January 2008
kindly give the details of deducting TDS on salary, thak you
S.Srinivasaraghavan
(Expert)
25 January 2008
What details?
25 January 2008
SECTION 192 OF IT ACT DEALS WITH SALARY TDS
NO TDS DEDUCTIBLE UNLESS THE ESTIMATED SALARY EXCEEDS THE THE AMOUNT NOT CHARGEABLE TO TAX .
NOTIFIED ALLOWANCES UNDER SEC 10 (14) NOT SUBJECT TO TDS.
HRA AND OTHER ALLOWANCES ARE TAXABLE AFTER ALLOWING CURRENT APPLICABLE DEDUCTIONS.
THE EMPLOYER CAN ALSO CONSIDER VARIOUS DEDUCTIONS LIKE 80 C ,80CCC, 80CCD,80D,80DD,80DDB,80E,80GG AND 80 U ETC...SUBJECT TO DOCUMENTARY EVIDENCE PRODUCED.
PERQUISITES TAXABLE WILL BE VALUED AND TAXED AS PER APPLICABLE CURRENT LAW.
EMPLOYER CANNOT ALLOW DEDUCTION UNDER SEC. 80 G-DONATIONS FOR CHARITABLE PURPOSE.OTHER CONTRIBUTIONS SUBJECT TO 50%DEDUCTIONS ARE ALLOWABLE.
R.V.RAO
NO TDS DEDUCTIBLE UNLESS THE ESTIMATED SALARY EXCEEDS THE THE AMOUNT NOT CHARGEABLE TO TAX .
NOTIFIED ALLOWANCES UNDER SEC 10 (14) NOT SUBJECT TO TDS.
HRA AND OTHER ALLOWANCES ARE TAXABLE AFTER ALLOWING CURRENT APPLICABLE DEDUCTIONS.
THE EMPLOYER CAN ALSO CONSIDER VARIOUS DEDUCTIONS LIKE 80 C ,80CCC, 80CCD,80D,80DD,80DDB,80E,80GG AND 80 U ETC...SUBJECT TO DOCUMENTARY EVIDENCE PRODUCED.
PERQUISITES TAXABLE WILL BE VALUED AND TAXED AS PER APPLICABLE CURRENT LAW.
EMPLOYER CANNOT ALLOW DEDUCTION UNDER SEC. 80 G-DONATIONS FOR CHARITABLE PURPOSE.OTHER CONTRIBUTIONS SUBJECT TO 50%DEDUCTIONS ARE ALLOWABLE.
R.V.RAO
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