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TDS on salary


swetha (Finance Manager)     29 August 2011

swetha
Finance Manager 
 2 likes  140 points

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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. 

Manika Venkata Siva Prasad

Manika Venkata Siva Prasad (IPCC-student)     29 August 2011

Manika Venkata Siva Prasad
IPCC-student 
 7 likes  84 points

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66600*4=266400-100000=166400(taxable income)

Tax on 160000 is NIL as basic limit -     0

Tax on 6400 is (6400*10%)               - 640(p.a)

TDS for first quarter is (640/3)           - 160 ( per quarter )

If der is experts, plz correct me if im wrong.

CA ADITYA SHARMA

CA ADITYA SHARMA (CA IN PRACTICE )     29 August 2011

CA ADITYA SHARMA
CA IN PRACTICE  
 2145 likes  16719 points

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YES AGREE WITH MANIKA 

B. Umapathy

B. Umapathy (student)     30 August 2011

B. Umapathy
student 
 15 likes  400 points

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No need to deduct TDS since the NI not crossing the limit of Rs.180000/- for the FY 11-12(AY 12-13).  Am I right?

Waiting for other CCI tes reply.

Lakshy

Lakshy (Semi-Qualified C.A. PGDFM BCom.)     30 August 2011

Lakshy
Semi-Qualified C.A. PGDFM BCom. 
 120 likes  1738 points

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As per details given, he does not crossing his limits i.e. 180,000/- hence tds will not be applicable.


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