Salary amount in 24q

TDS 2121 views 9 replies

I want to know in the deductee sheet of 24Q  what amount to be shown in "Taxable amt on which tax deducted"?

e.g if a monthly gross salary of an employee is 35,000 & after deducting PT, PF, ESIC, HRA & VI-A deduction it comes to around 31,500.

Now which amount to be considered?

Replies (9)

Gross Amount...i.e.35000.

Taxable amount is 35000

But, column heading is "taxable amount". Thats why I was confused.

I think it should be 31,500

 

gross taxable amount is 35000 shown in deductee sheet and deduction of HRA & other chapter VI A deduction is shown in salry sheet and that is Net Taxable amount

no need to confuse. there should be gross salary.

 

Now besides 35,000 of basic pay, if he is also getting medical allowance, other allowance, leave salary etc. which comes to around 38,000 then what should be the amount?

In taxable amount coloum only 31500 will be shown because the employee have to pay tax after all the deductions. 

Pointsurprise :-See ITR I of AY 2012-13 C15=Taxable Total Income i.e. arrived at Gross Salary+House Property Income+inkme from other sources (-) Ch. VIA deductions = Taxable Total Income.

Keeping the above in view can the Gross Salary be put as Taxable Income on which tax is deducted.

Counter  Pointindecision:-The employer is supposed to arrive at the taxable salary by estimating the employees total salary income and dividie it by 12 OR 4 ( if the deduction is quareterly). How is this deduction done...Is it not by reducing the Ch-VIA deductions. Does n't it mean that the deductions are on the net salary only. Thus the amount to be put is net salary only.

[{ whatever may be the point / counter point I agree that putting Gross Salary has become an accepTED practice. If you put forth this argument before any Govt. official they laugh at you ....will not give the job of filing their TDS returns.  For ex. SBI sends to the branches a statement of TDS deducted and Gross salary drawn during the month not Net Salary)  If you say that this is not correct That Branch Manager will ask you (asked me) am I more professional than the professionals at their H.O)  Thus you have to risk your business + depth of your knowledge becomes ?able.

This ees hhhIndia.Preach what the rest of India practises Not the fact what you believe is the fact.

Good one Ram Babu.


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