TDS ON SALARY

This query is : Resolved

seema singla (Querist)
Follow

17 July 2008 In a newly set up industry, there are two women employees and one man employee. Each of them are drawing a salary of Rs. 15000 p.m. The man assessee has requested to the co. not to deduct tax as he will invest the required amount under section 80C. I want to know whether the Tax from salary of the assessee is to be deducted and form 24Q to be filed.
Futher if the man assessee gets Rs. 12500 p.m. then form 24Q to be filed or not. Please answer.

CA RAMESH KUMAR AHUJA

CA RAMESH KUMAR AHUJA (Expert)
Follow

17 July 2008 In case the salary net of exemt allowances is more than the basic limit of Rs. 150000 and the assessee has furnished an investment decleration form,then the employer has to consider the investments to be made. After giving the deduction if salary is less than 150000, no tax is required to be deducted and cosequently no 24Q is to be furnished.

S.Srinivasaraghavan

S.Srinivasaraghavan (Expert)
Follow

17 July 2008 The male assessee has to give a declaration to the effect of his qualifying investments u/s 80C and as per that if there is no tax liability there is no necessity to deduct tax (hence no 24Q). But any failure by that person to stict to his declaration will be answerable only by person responsible for TDS.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

CA. Urmila Mahalwal

Dalbir Singh Wadhera

Rajesh

RAGHUNATH KASIBHOTLA

SARAVANAN PALANISAMY

Subscribe Now

TDS ON SALARY

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Article Assistant

GST CONSULTANT

CA Final

GST CONSULTANCY

Accountant