Tds

TDS applicable on salary paid to employee If we are paid RS 35000.00 per month to our manager
Replies (5)
yes , TDS will be applicable.
yes applicable but consider his deductions after tds
like investments

For calculating TDS under 192 (salaries) we have to consider folowing matter. 

1.Income form salaries 

2.Income from House Property (including Loss)

3. Income from OTHER Source (not loss)

4. All deductions allowed.

5. Any TDS deducted on House Property income and Other income.

So  consider above matters before deductiong TDS under 192.

Agree with Manoj A, u must consider all his/her sources of income & investments before deduction of tax. I'll suggest to publish an announcement to all employees(which are falling in the taxable bracket) to submit all their income and investment details to u within a certain date, and after that u must have to prepare a computation of his/her taxable income. If there is no details available with them then just simply ask them to submit a declaration regarding their sources of income and investment and submit the documents later on. After that deduct TDS accordingly as per the information available with u. 

For Ur benifit:- Being an accountant there must b lot pressure of work with u, and u are employed to work for the orgination u r employed in.  So better to ask the employees to submit a declaration showing computation of their income, with their signature, and taking it as base deduct TDS accordingly. 

 

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