TDS on salary

388 views 7 replies
If I have a salary of 479150 and have invested 129150 in some investment
balance is 350000
will I be eligible for section 87A deduction of 2500 ?
and do I have to deduct TDS on salary ?
Replies (7)
Yes ur eligible...ad TDS has deducted
For which AY you are asking ?
Bcoz from AY 2020-2021 the rebate under section 87A has been increased to 12500/- (if total taxable income is upto 5 lakhs

Even if you do not invest any amount under 80C, the TDS from salary will be Nil

The question of TDS does not arise as taxable income is less than 5 lakhs.

Yes you are not eligible to deduct TDS on salary because it is less than 5lakhs

The query is related to AY 2019-2020

1. Yes, you will be eligible for rebate u/s 87A of Rs. 2500 if the taxable income is less than Rs. 350,000. 
2.  Rebate will be applicable income up to Rs. 350,000. In your case tax liability for the FY 2018-19 in relation to salary would be Rs. 2600. 
3. TDS shall be deducted u/s 192 will be Rs. 2600. However, since the year itself got over and salary would have already been paid. I don't find any reason for the deduction of TDS now. If salary previous year's salary is paid during this year it will be treated as arrears salary. 
Please correct me if the above solution has an alternative view. 

.. It is the responsibility of the employer to deduct TDS from salary and if he doesn't then he has to pay interest on the same and the expense is disallowed.

Better to pay SA Tax alongwith interest and file ITR immediately.
-------
In case salary income is before Standard Deduction , then salary income will get reduced by 40000/-. in that case TDS tax liability will be only 520/-.
1. yes you are eligible for 87A deduction..

2. you need to deduct TDS
Bal income after deduction - 350000
less: std deduction- 40000
taxable income 310000

tax liability 3000
less 87A 2500
payable 500
+EC 20
TOTAL TDS TO BE DEDUCTED 520.00


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register