TDS provisions + TAX computation highly imp./////

1870 views 7 replies

Hi all


I m employer and paying salary to one of my employee amounting to Rs. 900000     (9 lakh), its not professional fees. Employer Employee relationship.


Employee is non resident and resident of France. His stay period in India more than 183 days.


Plz tell me TDS rates on this transaction and also how can I calculate TDS on monthly basis ??????


thx


Sachin

Replies (7)

Normal slab rates which are applicable to the relevant assessment  year for respective assessees should be applied. As the salary exceeds basic exemption limit, tax has to be calculated on slab rate basis.Such tax has to be deducted on monthly on an average basis. 

thx sir

in our case I m paying 300000 as a bonus in the end of year , so what should I do in this case ?

should I DEDUCT TAX 900000 + 300000 = 1200000 (ON MONTHLY BASIS)

OR

should I deduct tax on bounus amount at the end of year ?

Deduct TDS on Bonus only on payment.Not on accruel basis.

FACTS:

TOTAL SALARY = 4728653

BONUS IN THE END OF YEAR =  3218115

TOTAL INCOME 7946768 (4728653 + 3218115)

TDS on bonus at the time of payment it means 3218115 * 33.99 % = 1093837

is it right ????

How can I show this in computation ? I mean Seperate TDS ?

CAN U GIV ME URS MAIL iD THAT i'LL SEND U what i made  AND U CHECK IT FOR A WHILE. i'LL BE GR8FULL

Firstly saching this is a taxable salary because employee and employer relationship is exist.

Acc to the income tax act,salary is taxable on the receivable basis and if you are paying bonus monthly basis than you will otherwise if its falling in the current yr.You otherwise you cant.. tell me the breakup

thx
.

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