Please guide me. TDS on salary for the First Quarter {Financial year 2011-2012}.
We have paid salary for one of our staff as follows:
Salary paid for the month of April, May, & June - 90,000
Exemption - HRA & TA {3 months} - 23,400
Gross Total salary - 66,600
LIC & PPF payable for the whole year {12 months} -1,00,000
1. Whether i have to deducted TDS for the I Quarter if sop what is the amount please show the calculation
or
i have to deduct TDS on salary once the Total Salary paid exceed the basic limits {after deduction chapter VIA - PPF and LIC}
2. If TDS should not be deducted for the first quarter, Whether i have to show the Gross Salary paid Rs. 66,600 and TDS deducted Nil in the tds return for the I Quarter.
CAclubindia
