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TDS ON SALARY
A assesse (employee) who got a salary of Rs. 408000/year. in this case, the employer is liable to deduct TDs from employee under section 192? because of income below Rs.5,00,000/year , no income tax will be pay. please give the valuable reply.
Replies (3)
Yes sir. Even thought income is below 5L , it exceeds basic limit. So TDS should be deducted by the company and later on while ITR filing you can get back refund if any.
If total income of assessee after reducing deductions (only if assessee has given the documentory proof of deductions under chapter VI-A) has not been more than amount which is chargeable to tax then there is no liablity to deduct TDS.
Also consider rebate of 2500 u/s 87A if total income (i.e. Gross total income less deductions) does not exceeds 350000.
Also consider rebate of 2500 u/s 87A if total income (i.e. Gross total income less deductions) does not exceeds 350000.
I assume the query is for current FY 2019-2020
TDS will be there on 408000/- as reduced by based on your declaration to the employer for deduction under 80C 80D .
For example if it is 408000/- then minus 150000/- (declaration amount) then TDS will be on 258000/-.
@ Sahil
Rebate under section 87A has now become maximum 12500/- if income below 5 lakhs
TDS will be there on 408000/- as reduced by based on your declaration to the employer for deduction under 80C 80D .
For example if it is 408000/- then minus 150000/- (declaration amount) then TDS will be on 258000/-.
@ Sahil
Rebate under section 87A has now become maximum 12500/- if income below 5 lakhs
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