CA Manish
(Job)
(5264 Points)
Replied 06 October 2012
I think the tax liability is computed taking the basic exemption limit of Rs 160000.
on (500000-160000) @ 10% = 34000
on Balance (600000-500000) @ 20% = 20000
Total = 54000
Ed & SHE Cess @ 3% = 1620
Tax Payable = 55620
TDS PM = 4635
CA Manish
(Job)
(5264 Points)
Replied 06 October 2012
It means the solution is not updated with the change in A Y because the same problem appears in the
Girish Ahuja AY2011-2012 with the solution which i have provided.
CA Manish
(Job)
(5264 Points)
Replied 06 October 2012
TDS for July month is NIL because Co has already deducted excess TDS because salary paid by co is only Rs 2,00,000/-.
Sam
(-)
(181 Points)
Replied 06 October 2012
so what is the right solution How much Tds is to be deducted? Rs 4463 or Rs4635...why have they given the calculation of TDS Pm as 4463?
CA Manish
(Job)
(5264 Points)
Replied 06 October 2012
Hope your all doubts regarding this sum are now cleared.
Sam
(-)
(181 Points)
Replied 06 October 2012
Oh Thanks a Lot and last question
They have given the same reason,for the NIL Tds of month iof july i did not understand i did not understand that!
so if the TDs ammount in the total TDS will also change (Rs 4463 in place ofRs 4635) the whole answers will change...
CA Manish
(Job)
(5264 Points)
Replied 06 October 2012
| Originally posted by : CA Manish Malu | ||
 |
TDS for July month is NIL because Co has already deducted excess TDS because salary paid by co is only Rs 2,00,000/-. |
 |
The co has paid Rs 2,00,000/- salary and tax liability on Rs 2,00,000/- comes out to be RS 2060 only and the co has deducted 4463 *3= 13389/-(i am taking 4463 as it is the right ans for A Y 2012-13). Therefore no need of deducting TDS in the month of july.
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