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TDS Issue..

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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10 Replies

prasad Nilugal ( GST Practitioner & Accounts ) (14151 Points)
Replied 13 September 2020

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

Mohd Khalid (492 Points)
Replied 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

prasad Nilugal (3909 Points)
Replied 13 September 2020

Form 16 will be issued by MNC ( employer).

Mohd Khalid (492 Points)
Replied 13 September 2020

But they didn't issue

prasad Nilugal (3909 Points)
Replied 13 September 2020

Follow up in writing .

Mohd Khalid (492 Points)
Replied 13 September 2020

OK thanks

annu Goyal (1102 Points)
Replied 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

prasad Nilugal ( GST Practitioner & Accounts ) (14151 Points)
Replied 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 .

Mohd Khalid (492 Points)
Replied 13 September 2020

Suppose employer is deducting TDS and don't issue form 16 then this TDS will autopopulate in 26AS OR not

annu Goyal (1102 Points)
Replied 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/-