Tds-salary
This query is : Resolved
05 May 2015
The salaried employees of any organisation ,suppose, in a College, work in APRIL,2015.
Their salary due/liability to receive salary/remuneration is from 1st May,2015.
Is the College liable to pay on 1st May,2015,if not, can College delay the payment two months or can make the payment on 29th May,2015.
If salary is paid on from 1-7th of the month, entry in books of accounts will be passed on 30th April,2015, and deposit will be made by 7th of May,2015.
Can college make payment two months i.e. in July,2015.
In such case, the TDS recovered from employees in April,2015 from their salary WHEN it payable to Income Tax Authorities as per IT Act. Is the Govt. loosing revenue by such delay or interest will be charged if TDS is deposited later after two months for the month of April,2015.
The entries in the books of accounts may happen or not if made two months after or on 29th May,2015, can TDS Recovered is delayed for deposit with the Income Tax Authorities even Journal Entry is passed after two months i.e. in July,2015
Kindly let us without any legal complicacies can TDS-SALARY is payable after entry passed on 29th May,15 or entry passed in July,2015. If so when the TDS is payable.
The salaried employees of any organisation ,suppose, in a College, work in APRIL,2015.
Their salary due/liability to receive salary/remuneration is from 1st May,2015.
Is the College liable to pay on 1st May,2015,if not, can College delay the payment two months or can make the payment on 29th May,2015.
If salary is paid on from 1-7th of the month, entry in books of accounts will be passed on 30th April,2015, and deposit will be made by 7th of May,2015.
Can college make payment two months i.e. in July,2015.
In such case, the TDS recovered from employees in April,2015 from their salary WHEN it payable to Income Tax Authorities as per IT Act. Is the Govt. loosing revenue by such delay or interest will be charged if TDS is deposited later after two months for the month of April,2015.
The entries in the books of accounts may happen or not if made two months after or on 29th May,2015, can TDS Recovered is delayed for deposit with the Income Tax Authorities even Journal Entry is passed after two months i.e. in July,2015
Kindly let us without any legal complicacies can TDS-SALARY is payable after entry passed on 29th May,15 or entry passed in July,2015. If so when the TDS is payable.
05 May 2015
The deduction is to be made at the time of the actual payment.
Section 192 of the I.T.Act, 1961 provides that every person responsible for paying any income which is chargeable under the head 'salary', shall deduct income tax on the estimated income of the assessee under the head salaries. The tax is required to be calculated at the average rate of income tax as computed on the basis of the rates in force. The deduction is to be made at the time of the actual payment. However, no tax is required to be deducted at source, unless the estimated salary income exceeds the maximum amount not chargeable to tax applicable in case of an individual during the relevant financial year. The tax once deducted is required to be deposited in government account and a certificate of deduction of tax at source (also referred as Form No.16) is to be issued to the employee.
Section 192 of the I.T.Act, 1961 provides that every person responsible for paying any income which is chargeable under the head 'salary', shall deduct income tax on the estimated income of the assessee under the head salaries. The tax is required to be calculated at the average rate of income tax as computed on the basis of the rates in force. The deduction is to be made at the time of the actual payment. However, no tax is required to be deducted at source, unless the estimated salary income exceeds the maximum amount not chargeable to tax applicable in case of an individual during the relevant financial year. The tax once deducted is required to be deposited in government account and a certificate of deduction of tax at source (also referred as Form No.16) is to be issued to the employee.
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