TDS on Salary (one challan for 4 Quarters)

Ya, you should file nil return for the 1st three quarters as not tds deducted. For the last qtr u can file the return upto 15th june 2010 for tds deducted and deposited.

Dear Sameer, 

I dont find any provision under the Act for depositing the TDS at once in the year end. The liability under Section 192 arises as soon as you have credited or paid the salary (whichever is earlier).

So I think its better to file the quarterly returns deducting Tax from the salary for those respective periods and pay the TDS alongwith interest for the respective periods and NOT to file NIL returns.

Originally posted by : CA Pankaj Warke
	Dear Sameer,  I dont find any provision under the Act for depositing the TDS at once in the year end. The liability under Section 192 arises as soon as you have credited or paid the salary (whichever is earlier). So I think its better to file the quarterly returns deducting Tax from the salary for those respective periods and pay the TDS alongwith interest for the respective periods and NOT to file NIL returns.

 Dear Pankaj you are right. However  it is better to go as per suggestion of Sweta Jalan. It will only considered as late deduction of TDS. However penalty for late filling will not arise.

Dear Bimal,

I think the penalty for late filing arises irrespective of TDS amount. 

So it can not be the excuse.

Please give your opinion.

Dear Pankaj,

As the tax has not deducted in respactive quarter and deducted at the end then how the same can be incorporated in first three quarter return? I think In 4th quarter the same should be incorporated and TDS should be deposited with Interest payment. 

There may be due to declaration of employee about investment the tax liabilities not arise, but at the end if the investment has not made or details not submitted and Tax deducted it should be in last quarter return.

Penalty for Late filling is 100 per day of failure but maximum Tax amount, when TDS is zero then it should be Zero.

There may be other openion also.

sir i want to know the basic of tds and tcs and filling challan and claim , step by step so please share any doc . file of tds. om tomar

In 4th qtr return it will be shown and it will not affect the previous 3 qtr return.

Say if there is tax liability then pay interest on that tax and submit the return accordingly.

dear friends,

please find the computation for fy 2010-2011

tds challan for salary

Hello to all

i have a small doubt during fill the TDS Q4 annexure -ii form

plse advice me how to fill the annexure -II form,

there are two deduction, 1) deduction 16(ii), 2)deduction 16(iii)

whats the two deductions, I think one for HRA, what a 2nd one (Conveyance + Medical Allowance+PT)

plse solve my problem sir

thanks in advance

manu

Dear Manoj,

THe deductions under section 16 are as follows:

S.16(i) :  a deduction in respect of any allowance in the nature of an entertainment allowance specifically granted by an employer to the assessee who is in receipt of a salary from the Government, a sum equal to one-fifth of his salary (exclusive of any allowance, benefit or other perquisite) or five thousand rupees, whichever is less;]

and

S.16(ii) : a deduction of any sum paid by the assessee on account of a tax on employment

HRA , Conveyance allowance and Medical reimbursements are exempt to the extent of specified limits under Section 10 of the IT Act.

Hope this will be helpful to you.

Pankaj

Dear Pankaj Warke Sir,

Hope you are doing great....

thanks for your advice sir its so useful to me,

i have an doubt sir, Deduction 16(ii) when i fill HRA, Conveyance, Medical & PT Also  Sir

Small Example Sir,

My MD Sir Salary is Rs. 60,000/- p.m

H.R.A is Rs. 24,000/- p.m

Conveyance Rs. 800/- p.m

Medical Allowance Rs. 1,250/- p.m

PT is Rs. 200/- p.m

how much exemption in above said heads

How much can i write Deduction 16 (ii)  HRA, Conveyance, Medical & PT.

thanks with regards

manu

:)

HRA deductable will be determined as the least of the following ;-

a) Actual HRA paid

b) 50% of basic sal(if living in any metro city) else 40%

c) Excess of rent paid over 10% of salary

Maximum Converyance expense that can be claimed is Rs. 800 p.m.

and as per section 17(2) medical expenses reimbursed  is not chargable to tax upto rs. 15000where as fixed medical allowance is fully taxable.

Dear Manoj,

The amounts exempt are very correctly mentioned by Aparna.

I have attached sample Form 16 for ur reference. In that I have highlighted the deduction heads where you need to put the deductible amounts as explained by Aparna.

Hope it helps u.

Regards,

Pankaj