Treatment of TDS Deducted in April09 for salary of Mar09

sam2075

Dear Board Members,
I have another situation here.
I received my salary today april 02 09, and i see My employer has deducted TDS based on last (2008-09) years calculation, when i asked for clarification they said its the salary for the month of march09 being paid in apr09 and hence the TDS is for 2008-09. Is that true, what i understand is the TDS deducted in apr09 comes under FY2009-10? please clarify.
Thank you for your time.

meet_narasimha

Yes My dear
The TDS deducted for salary for the month of march, 2009 will come under 2008-2009 books and it will be treated as tds for the year 2008-2009 even though salary is paid to you in the month of April, 2009 will be covered under 2008-2009. They will show this as TDS Payable and Salary Payable and will remit to the govt in the month of April, 2009

audnis

At the year end i.e. March 2009, the salary payment and tds deduction are accrued and it will be shown in the books of accounts. This payment is accrued in the books as on 31.03.2009 and actually paid in April'09.
Financial accounts are on accrual basis so all accruals are calculated at the year end and payments of TDS are paid into Govt.A/c. next month as per the stipulation within due date.

sure

Quote:

Originally Posted by sam2075

dear board members,
i have another situation here.
I received my salary today april 02 09, and i see my employer has deducted tds based on last (2008-09) years calculation, when i asked for clarification they said its the salary for the month of march09 being paid in apr09 and hence the tds is for 2008-09. Is that true, what i understand is the tds deducted in apr09 comes under fy2009-10? Please clarify.
Thank you for your time.

yes boss your company is right not to worry on that situation just go on

Rajan_cs

My annual salary is Rs. 192000/- and there is no investments, I have paid Rs. 20000/- for my personal loan. What would be tds amount.

Rajan

vikasgoelca

Dear Rajan,

Personal Laon doesnt get any tax benefit. The salary given to should not attract any TDS as P.F. must have been deducted from your salary. U can also show investments up to Rs. 1 lakh on which tax is not deductible. You u wanna be updated on tx matter feel free to join my sms channel on incme tax.......

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