ours is a partnership firm, for 10-11 financial year we have paid our employees salaries between the range of 10,000/pm to 20,000/pm. for this do we need to deduct tds while paying salaries?
for 10-11 an assesses income exceeds 160000 then he need to pay tax. is that 160000 is after the permissioble deductions and exemption of incomes according to income tax act? my doubt is if a person receives more than 160000 under the salaries( eg:15000*12) than do we need to deduct tds? pls clarify my doubts friends< THANKS IN ADVANCE