Tds on wages
This query is : Resolved
Kunal Mittal
(Querist)
27 January 2014
We are a manufacturing firm and have workers on our pay roll. What is the maximum limit of wages after which we have to deduct TDS.
27 January 2014
Section 192 applicable. Applicable individual imcome slab to be considered for calculation of TDS amount.
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AVTAR SINGH
(Expert)
27 January 2014
Maximum limit on which TDS is not deductible for FY 2013-14 is Rs.220,000+admissible deduction under section 80C/80D etc.
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Neljo Davis ACA
(Expert)
30 January 2014
The basic exemption limit is still Rs.2.5 lakh for senior citizens and Rs.2 lakh for others. Section 87A of the Income Tax Act, 1961 allows REBATE of upto Rs. 2,000/- from the income tax payable, if total income does not exceed five Lakhs rupees.
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