LIVE GST Audit Course by CA Sachin Jain. Register Now!!

Regarding short deduction

astha tiwari (article) (71 Points)

22 August 2013

Income from Salary: 450000

Income from House Property: 673399

Income from PGBP: 98500

Income from Other Sources: 77044.6

Deductions U/s chapter VI : 125000

The above are the details of Income of the director of a company.I want To deduct TDS for F.Y. 2012-13 Q4 of Salary (including other income too).TDS already deducted was Rs24225.55. What TDS should I deduct on the above income??

Reply
Follow
Share

4 Replies

FATEMA (CHARTERED ACCOUNTANT) (719 Points)
Replied 22 August 2013

please give the chapter VI a deductions in detail

CA LOVELY ARORA (C.A. B.Com (H) Graduate) (2151 Points)
Replied 22 August 2013

TDS to be deducted (for a month):- Tax liability of employee / 12 - 24225.55 (TDS already deducted)

Tax liability might be:- Tax on Rs. 1173943.60 (assuming you have taken sec. 80TTA deduction and also exempt perquisities/allowances e.g. transport allowance in that amount of Rs. 450000.... etc... etc...)
i.e. Rs. 187649/12-24225.55 = Rs. 8588.13 every month for last 3 months.

aniket (Accountant) (561 Points)
Replied 22 August 2013

Originally posted by : astha tiwari
	Income from Salary: 450000 Income from House Property: 673399 Income from PGBP: 98500 Income from Other Sources: 77044.6 Deductions U/s chapter VI : 125000 The above are the details of Income of the director of a company.I want To deduct TDS for F.Y. 2012-13 Q4 of Salary (including other income too).TDS already deducted was Rs24225.55. What TDS should I deduct on the above income??