Further,
The person who deducts the tax (TDS) issues a Certificate (Form 16) to enable you to claim the same from the government. Otherwise, your tax credit will be lost. Your Company can claim the benefit of TDS towards adjustment of Income Tax payable by your company, or if no Income Yax is payable by your company, your company can claim a refund from the Income Tax Department.
From India, Chandigarh
51The person who deducts the tax (TDS) issues a Certificate (Form 16) to enable you to claim the same from the government. Otherwise, your tax credit will be lost. Your Company can claim the benefit of TDS towards adjustment of Income Tax payable by your company, or if no Income Yax is payable by your company, your company can claim a refund from the Income Tax Department.
From India, Chandigarh
Dear smbhappy, like me the learners can learn the unknown matters from the seniors through citehr, Thanks to citehr. And thank you for the guidannce. Regards, Senthlkumaran
From India, Bangalore
From India, Bangalore
1. I would like to add that the consultant is liable to get registered for service tax in case his turnover is abvoe 10 lakh in a year for the purpose of charging the Service Tax. Service Tax charged is not the income of party charging the Tax but the same has to be deposited with Tax authorities.
2. One can ask for TDS certificate (form 16A) without waiting for the end of year in case it is only one off transaction in a financial year.
3. One can also check the amount deducted towards TDS on the income tax web site, after the other pary has filed the return.
From India, New Delhi
2. One can ask for TDS certificate (form 16A) without waiting for the end of year in case it is only one off transaction in a financial year.
3. One can also check the amount deducted towards TDS on the income tax web site, after the other pary has filed the return.
From India, New Delhi
I think they cannot TDS on ST portion. They can deduct TDS on invoice value-servicetax amount
From India, Madras
From India, Madras
I am prakash i recently joined in NGO sector. Now i am working as HR Executive. My net salary 16589.47, Grass 18343.85, convenyance 800, HRA : 2923, Basic 14619. I receive this salary from Feb onwords. Recenty i got some tax deduction like 7204 for 2 months (for August, Sept). I am very confised my abut my tax deductions how the company deducting form my salary that much of ammont. we have not any profficianal taxes. can u help me
From India, Karimnagar
From India, Karimnagar
Hi All, I am working with a small organization as HR and have joined recently, pls. Provied Industrial Employments (Standing Orders) Act 1946. kindly do the needful. Regards Mehndi Hasan
From India, Haldwani
From India, Haldwani
Fear Naga Parkash
Your Gross Annual Slay works out to Rs. 232126.00. So in the current Financial year there is the income upto 160000 is exempted. on rest there is tax @ 10%. so they have deducted 10% of 72126 i.e. 7212.00. You can still save this tax by investing in the tax saving schemes. If your company has not yet deposited the tax you may ask them not to do so by providing them the proof of the investment in tax saving schemes. Otherwise you can claim refund by filing the return. The Provident fund deducted from your salary is also a tax saving instrument and company should consider that before deducting tax at source.
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Dear R Bhalan
The TDS is made on the payment to be made and not on the part excluding ST.
TDS is your tax and if it is not payable, you can seek refund of the same by filing ITR.
From India, Chandigarh
Your Gross Annual Slay works out to Rs. 232126.00. So in the current Financial year there is the income upto 160000 is exempted. on rest there is tax @ 10%. so they have deducted 10% of 72126 i.e. 7212.00. You can still save this tax by investing in the tax saving schemes. If your company has not yet deposited the tax you may ask them not to do so by providing them the proof of the investment in tax saving schemes. Otherwise you can claim refund by filing the return. The Provident fund deducted from your salary is also a tax saving instrument and company should consider that before deducting tax at source.
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Dear R Bhalan
The TDS is made on the payment to be made and not on the part excluding ST.
TDS is your tax and if it is not payable, you can seek refund of the same by filing ITR.
From India, Chandigarh
hi,
i want to know full knowledge of working in company on service tax. how to work do in compnay. i am work in account dept but i have no konwledge of this work. how to do work Income tax & Service Tax/ VAT Returns filing , filing E-TDS Returns etc to related service taxation in accounts dept. my emailid is
From India, Mumbai
i want to know full knowledge of working in company on service tax. how to work do in compnay. i am work in account dept but i have no konwledge of this work. how to do work Income tax & Service Tax/ VAT Returns filing , filing E-TDS Returns etc to related service taxation in accounts dept. my emailid is
From India, Mumbai
Dear Naga,
As you mentioned you gross salary for this financial year will be Rs. 220116 (18343*12). Up to 160000/- tax rate is NIL and above that and upto 5 lac it is 10%. So in your case it should be 10% of 60116(220116 - 160000) i.e 6012/-. But here ur co. has deducted more than this amount. Also they should deduct it on average monthly basis i.e 602 per month (6012/ 12).
You should clear this matter with your accounts deptt.
Also as suggested in the forum by someone i guess smbhappy, you can even save this tax by making some investment. Or you can get refund it later when you file your income tax return.
In case, u have more query you can post it here at citehr and you will satisfactory and well discussed answer always.
have a good learning!
Regards,
Singh S
From India, Delhi
As you mentioned you gross salary for this financial year will be Rs. 220116 (18343*12). Up to 160000/- tax rate is NIL and above that and upto 5 lac it is 10%. So in your case it should be 10% of 60116(220116 - 160000) i.e 6012/-. But here ur co. has deducted more than this amount. Also they should deduct it on average monthly basis i.e 602 per month (6012/ 12).
You should clear this matter with your accounts deptt.
Also as suggested in the forum by someone i guess smbhappy, you can even save this tax by making some investment. Or you can get refund it later when you file your income tax return.
In case, u have more query you can post it here at citehr and you will satisfactory and well discussed answer always.
have a good learning!
Regards,
Singh S
From India, Delhi
Dear Madhuri,
You have chosen a good forum and hope u continue to learn from here at citehr.
As you said u have no knowledge of account (may be u are not from the account background) and you need to know one thing that there are thousand of people are working in accounts department who had not background of accounts. So here first of all you must have passion & determination for learning accounts then start with help of the ur senior in ur company as it is difficult to tell u what kind of work is done in ur department. May be u have to prepare voucher only or do bank reconcilation and making payments as this is the basic thing of an accountant. Then you can go further to learn more.
And always post ur query here at this forum.
Very soon u will be a good accountant.
Best of luck.
Regards,
Singh S.
From India, Delhi
You have chosen a good forum and hope u continue to learn from here at citehr.
As you said u have no knowledge of account (may be u are not from the account background) and you need to know one thing that there are thousand of people are working in accounts department who had not background of accounts. So here first of all you must have passion & determination for learning accounts then start with help of the ur senior in ur company as it is difficult to tell u what kind of work is done in ur department. May be u have to prepare voucher only or do bank reconcilation and making payments as this is the basic thing of an accountant. Then you can go further to learn more.
And always post ur query here at this forum.
Very soon u will be a good accountant.
Best of luck.
Regards,
Singh S.
From India, Delhi
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TDS on service tax - CBDT clarification 13.1.2014.pdf
PT,ESIC,TDS,FBT ,S[1][1].Tax Calculator.xls