Please Help: IT Deduction for employee
Posted Date : 12-May-2012 , 12:05:52 pm | Posted By: Anuradha
Category :
Income Tax | Answers :
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Comments :
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My employee is drawing gross salary of 40000 monthly, whether i need to deduct 10% TDS every month when i pay salary or in the year end. If if i want to deduct in the year end, what is the procedure |
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Answers:
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 Answer by: Rishabh Upadhyay |
| You have to deduct TDS once the salary paid to employee exceed the minimum exemption amount liable to tax.
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| Answer by: CA. SURESH Kr. AGARWAL |
| Dear it always advisable to deduct the TDS monthly instead of yearly. calculate tax on annual salary (estimated) and divide the same by 12 and deduct the TDS and deposit to the Income tax Department.
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| Answer by: Rambabu Senkarasetti |
| Tds must be made when salary is paying
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| Answer by: Rambabu Senkarasetti |
| Tds must be made when salary is paying
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| Comments |
| Posted By : |
12-May-2012, 03:02:52 |
| anuradha you have to deduct TDS @ of slab applicable to the concerned employee i.e first calculate tax on whole year income at the applicable rates and divide the same by 12 and deduct it on monthly bases. and if u deduct on annual bases interest at the rate of 1% is to be payable for the late deduction of tds |
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