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What are the Tds provision on salary

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13 Points Joined August 2018

Dear Sir, 

we have paid salary to employee of Rs. 1500000 in one time for the year 2017-18 but we have not deduced  or paid tds on salary now we want to paid the tds on 1500000/- how to pass entry in Tally?

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On 07 August 2018 at 12:21 Report
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Guest

it is recoverable from salary or part of salary???

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On 07 August 2018 at 12:27
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13 Points Joined August 2018

full salary for the year 2017-18 paid in one cheque not recoverable 

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On 07 August 2018 at 12:36
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Salary exps debit A/c Dr.         XX

  To TDS on Salary                         XX

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On 07 August 2018 at 12:40
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Practice
3235 Points Joined August 2009
Dr Salary
Cr TDS Payable

Dr TDS Payable
Cr Bank
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On 07 August 2018 at 12:40
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13 Points Joined August 2018

Salary Ex 193125

TDS on salary 193125 is it correct?

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On 07 August 2018 at 12:48
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3235 Points Joined August 2009
depends on age.. if below 60 years then it comes to Rs 270375 without claiming any deduction.. if above 60 and below 80 then it comes Rs 267800 without claiming any deduction and if above 80 then Rs 257500without claiming any deduction
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On 07 August 2018 at 12:54
Guest

yes this is correct.. pass the another entry at the time of payment

TDS on Salary 193125 (Calculate TDS amount)

 To Bank 193125

(Narration....)

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On 07 August 2018 at 12:55
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12 Points Joined January 2018
there is another way... ask that employee to file return n pay due tax n take a certificate from CA that all due tax had been paid on the amount of salary paid to him by himself... becoz of this no disallowance will be attracted on that salary expenditure.
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On 07 August 2018 at 20:36

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