TDS Issue..

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493 Points Posted on 13 September 2020
TDS is deduct by employer of employee when the salary of employee is exceed the exemption limit
My querry is that the exemption limit for AY 20-21 is 2.5 lakh or 5 lakh?
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On 13 September 2020 at 13:24 Report
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Quick Summary
This discussion clarifies the TDS (Tax Deducted at Source) on salary, specifically addressing the exemption limit for AY 20-21. It confirms that for FY 2019-20 (AY 2020-21), the exemption limit was ₹2,50,000. The conversation also touches upon the difference between old and new tax regimes and explains that Form 16 is issued by the employer when TDS is deducted. If an employer deducts TDS but doesn't issue Form 16, it's advised to follow up in writing, as the deducted TDS should reflect in the 26AS statement.

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GST Practitioner & Accounts
15150 Points Posted on 13 September 2020

Up to 2.5  Lac  Income Tax is Nil , so  exemption limit  is  RS  250000/- .

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On 13 September 2020 at 14:40
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493 Points Posted on 13 September 2020
OK thanks
My brother works in MNC and his salary is 30k/month but he didn't receive form 16 please explain why
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On 13 September 2020 at 15:47
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3924 Points Posted on 13 September 2020
Form 16 will be issued by MNC ( employer).
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On 13 September 2020 at 16:50
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493 Points Posted on 13 September 2020
But they didn't issue
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On 13 September 2020 at 17:10
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3924 Points Posted on 13 September 2020
Follow up in writing .
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On 13 September 2020 at 17:24
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493 Points Posted on 13 September 2020
OK thanks
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On 13 September 2020 at 18:52
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1102 Points Posted on 13 September 2020
In case of TDS on salary, TDS deduct only when Income of employee is taxable means after deducting all deductions and if additional deductions made employer should have proof of such deductions


As in FY 250000/- and 500000/- both slab are available as per old and new regime respectively...

You should Know about both scheme...

form 16 means TDS Certificate....
As it given when Co. deduct TDS...

TDS deduct only when Income is taxable after all deductions
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On 13 September 2020 at 21:19
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GST Practitioner & Accounts
15150 Points Posted on 13 September 2020

@ Annu goyal 

1)    He is filing  ITR for  F.Y 2019-20  A.Y 2020-21  ,also  TDS  has been deducted as mentioned by the  quietest  and applicable for From 16     . Exemption limit  for F.Y  2019-20  was 250000/- . he has not mention about deductions 

 2)    OLD (250000/- )  & (500000) NEW slabs scheme   was   introduce  in Finance Act  2020 and  applicable for  F.Y 2020-21 A.Y  2021-2022  . 

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On 13 September 2020 at 21:52
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493 Points Posted on 13 September 2020
Suppose employer is deducting TDS and don't issue form 16 then this TDS will autopopulate in 26AS OR not
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On 13 September 2020 at 21:55
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1102 Points Posted on 13 September 2020
@ Prasad Nilugal...
Ohh yes,
Actually AY written just above line in last I only saw 20-21 and both 2.5 /5 lakh...


Yes, For FY 2019-20 Exemption limit is 250000/-
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On 13 September 2020 at 21:56

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