Tds on salary
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
24 August 2011
A pvt ltd company pays Rs.280000/- to one of his employee.The employee Invests Rs.1lac in prescibed avenues as per Sec80 of the I T Act like LIC,PPf,NSC,ELSS etc.He produces all the documentary evidence to the Company.Is the Company liable to deduct TDS on salary of that Employee.Pls advise.
24 August 2011
As the minimum exemption limit from the next year is 180000. Therefor no need to deduct tax.
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24 August 2011
Since the Income is not crossing tax exemption limit of Rs 180000/-. No need to deduct TDS.
Out of Rs 2.8 lacs,1 lac is investment u/s 80C and 1.80 lac is basic exemption. Therefor tax liability is nil and so no need to deduct TDS.
Out of Rs 2.8 lacs,1 lac is investment u/s 80C and 1.80 lac is basic exemption. Therefor tax liability is nil and so no need to deduct TDS.
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