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Tds deduction
If I pay Rs.75000 as legal charges and Rs.2500 as Travelling and phone allowance then ,tds should be deducted on Rs.77500 or Rs.75000?????
Replies (7)
Over 77500/- unless both separate transactions.
on full transaction
on full transaction
but traveling allowance is exempt upto 1600 pm isnt it?
@ Revanth: Transport Allowance is a type of allowance offered to employees of a company to compensate for their travel from residence to and from respective workplace location. Allowances are generally offered to employees on top of their basic salary component. As per Section 10(14)(ii) of Income Tax Act and Rule 2BB of Income Tax Rules, the transport/conveyance allowance is exempt upto Rs.1600/- PM
In the case referred above it is communication & phone charges levied for the job work, which is not allowance.
ok thank u sir. much clarified.
Most Welcome.
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