Hi,
Should we deduct TDS on Incentives (Bonus etc.).
Thanks,
Satheesh
Menu
Tds on salaries
Replies (7)
can u elobarate a little??
When we are paying bonus to employees of the organisation, should we deduct TDS on it, if their Total salary exceeds tax limit.
Yes, Tds is to be deducted . Please refer definition of Salary which includes Bonus also.
yes , u need to deduct tds on bonus. if both salary + bonus combined does not exceed exemption limit then u need not deduct tds
in ur case tds is applicable
Yes, Tds is to be deducted . Please refer definition of Salary which includes Bonus also.
Dear Satheesh
Sec 192 states tax is to be deducted for payments that would be taxable under the head "salaries"
Sec 17 defines salaries in a inclusive manner. Incentives n bonus, though not specifically covered in definition, are outcomes of employement hence, they r to be taxed under salaries.
Since, they fall under the income salaries "tax is supppsed to be defucted"
Yes u need to deduct TDS on Bonus u/s 192
Recent Topics :
- Revocation of suo moto cancelled GST registration
- Is there any faculty taking chapterwise test in CA
- Late Fees and Interest
- HDFC Bank’s Bureaucracy: The Nightmare of Fl
- Running a CSC Center, Maha E-Seva Kendra, Setu Ken
- GSTR-9 Table 8A issue
- CA Inter Coaching institutes at Hyderabad
- Looking for practising CA
- TDS return filing
- Need formats of FS as per Co act 2013 in soft copy
Related Topics :
CAclubindia
