Tds on salary
This query is : Resolved
31 May 2012
Suppose Mr. X joins a company a on 1/7/2011 on a salary of Rs. 20,000/- p.m. and after 3 months i.e. 1/10/11, his salary increases to 30,000/- p.m. So what amount of TDS a company will deduct on his salary for the A/Y 2012-13?
Please answer with full calculations.
Please answer with full calculations.
31 May 2012
The total income of the employee comes to Rs. 2,40,000.
Assuming there are no deductions and exemptions, the tax liability comes to Rs. 6,180. This amount has to be deducted every month in the form of TDS.
TDS per month comes to Rs. 687.
Assuming there are no deductions and exemptions, the tax liability comes to Rs. 6,180. This amount has to be deducted every month in the form of TDS.
TDS per month comes to Rs. 687.
31 May 2012
But at the time of joining his estimated annual income would be 1,80,000/-. So how can we deduct TDS at that time on per month basis?
31 May 2012
Yeah you are right. So TDS will be deducted from Oct onwards.
Rs. 1,030 per month.
Rs. 1,030 per month.
31 May 2012
Whether any interest would be levied for not deducting TDS for a period of 3 months from 1/7/2011 to 30/9/2011.
Vishal D Shah
(Expert)
31 May 2012
No Prabhat. No interest is leviable.
31 May 2012
Interest will not be levied because the employer was not liable to deduct TDS during those 3 months.
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