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TDS u/s 192

sanjay jain (student) (37 Points)

12 October 2019

salary of taxpayer is 500000 and he also furnish me details of his business income and interest income which amount to 10,00,000

so how
much TDS i should deduct u/s 192 ?

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5 Replies

Suresh Thiyagarajan (Student) (3986 Points)
Replied 12 October 2019

1. TDS will need to be deducted only for salary paid u/s 192.
2. Other incomes are not your responsibility. TDS should be deducted for Rs. 5,00,000.
Please correct me if the above solution has an alternative view.

sanjay jain (student) (37 Points)
Replied 12 October 2019

Whether basic exemption limit should be deducted or not for calculating TDS on salary ?

sabyasachi mukherjee (26041 Points)
Replied 12 October 2019

MR.SANJAY BASIC EXEMPTION LIMIT IS RS.5 LACS FOR SENIOR CITIZEN.
THIS IS WHAT THE FINANCE BILL 2019 IS PLACED IN THE BUDGET.
PLS PLACE YOUR VIEWS IF ANYONE HAS ANY VIEWS.

Suresh Thiyagarajan (Student) (3986 Points)
Replied 12 October 2019

1. Yes, basic exemption limits and deduction if any available to the person should also be deducted.
2. For the FY 2019-20, the basic exemption limit is Rs. 250,000 but rebate is available up to Rs. 5,00,0000 if the persons' taxable income is below Rs. 500,000.
3. Refer relevant provision u/s 192 and sec 15 for the FY 2019-20 before deducting TDS.
Please correct me if the above solution has an alternative view.