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TDS on salary
One of my staff has earned salary amt 55000/- P/m.and he will make investment in PPF Amt. 150000/- for f.year 19-20.after investment amt. 660000-150000=510000/-.my question is that tds is required deduct on salary.becoz there is no need to pay tax on 5 lac income f.year 19-20
Replies (2)
you totally mistook it..tax is leviable if income exceeds 250000 however the same tax liability is received as rebate
After giving all deductions if your net income is exactly 5 lakh then you have a tax rebate of Rs 12500/-. But if your net income is Rs 500001 then you don't have any rebate you have to pay 12500 as tax.
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