Our company is paying employees a salary ranging from Rs.25000 to Rs.1,20,000 p.m & we are deducting tds only on salary per month exceeding Rs.100,000 per month.is there any specific disallowance for same.
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Tds on salary-employers responsibility & liability for non d
Replies (4)
Income upto 6 lakhs per year is tax free and you need not deduct tax from salary if and only if
your employee shows or promises a investment of 1.5 lakhs under 80C and 2 lakhs on Housing loan interest so 2.5lk +1.5 lk [80C] + 2lk [ housing interest under 24b].= 6lk.
Otherwise you should deduct tax from salary.
What if salary exceeds Rs.600,000 & shows/promises deduction under various sections of income tax Act.
If Taxable incomes below 5 Lk then further tax rebate of rs 2000 is available under 87A .TDS need to be deducted beyond that.
Sir,my question was if salary exceeds Rs.600,000 per annum per employee,Is tds deduction from salary is a must for allowability of deduction of expense.incase employee has various deductions under chapter vi-a.
Say salary per annum of an employee-Rs.12,00,000 & deductions under chapter vi-a. is Rs.11,00,000.Is deduction of tds by employer is necessary.
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