why tds is deducted from salary?
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Under Section 192 of the Income Tax Act, every employer who is paying a salary income to his employee is required to deduct TDS from the salary income if it exceeds the basic exemption limit.
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Thus, to get the benefit of GST, the deductee is required to file 'TDS/TCS credit received' tab on the GST portal. The portal is designed such that the deducted amount get reflected in Cash Ledger which could be further used for the payment of balance amount of tax after the ITC has been cleared.
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Tds deduction is mandatory for LLP without any threshold level of sales turnover. Hence it is almost mandatory for any LLP to get TAN so that it can fulfill its tds obligation otherwise it will be in default.
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ERP 9, such reversal of expenses and TDS is possible only when the cancellation of transaction is made before the payment of TDS to the Government. In Tally. ERP 9, reversal of expenses can be accounted using Debit Note and reversal of TDS deducted can be accounted using Credit Note.
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22 February 2010 TDS is not to be deducted on out of pocket expenses. Because out of pocket expenses are paid on your behalf. So these expenses are not in the nature of professional service or contract. It is an expense on your behalf.
221612
From September 1, 2019, an individual or HUF paying any sum to a contractor or a professional or commission or brokerage more than Rs 50 lakh in a financial year would be required to deduct tax at source (TDS) at the time of credit of such sum or at the time of payment of such sum; whichever is earlier.
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The answer is no. Rules laid down by the Employees' Provident Funds Scheme clearly state that the contribution made by the employer cannot be deducted from the member/employee's salary component. This means that the employer can under no circumstances recover this amount from the salary of staff members.
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Part A has information of the employer & employee, like name & address, PAN and TAN details, period of employment, details of TDS deducted & deposited with the government. Part B includes details of salary paid, other incomes, deductions allowed, tax payable etc. Form 16A is also a TDS Certificate.
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Funds are then deducted from the employee's pre-tax salary. These funds will be used to reimburse the employee for relocation costs they have paid for. The funds deducted are not income taxed. As a result the employee will be using tax free money to pay for the benefit.
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The TDS provisions on RDs are the same as TDS on FD. TDS is deducted on RDs if the interest payable for them in a single bank is more than Rs 10,000.
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TDS refers to Tax which has been deducted from the salaries of employees or payments made to contractors or others, TDS will be shown as an Asset since it now needs to be remitted to the Tax department within the specified period.
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Employers withhold (or deduct) some of their employees' pay in order to cover payroll taxes and income tax. Money may also be deducted, or subtracted, from a paycheck to pay for retirement or health benefits. ... The federal government determines the percentages employees will pay for payroll taxes.
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a) Your contribution/Employee's contribution – This is the amount contributed by you to your EPF. This portion of your withdrawal is not taxable. ... It is taxed under the head salary in your tax return. When TDS is deducted on it, you are likely to see an entry under salary TDS in your Form 26AS for it.
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Payroll deductions are amounts taken out of an employee's paycheck each pay period. An employee's gross pay is different than their net pay, or take home pay, because of the deductions subtracted. There are both mandatory and voluntary payroll deductions.
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Form 16 is the certificate using which the employer certifies how much tax was deducted at the source for a salaried employee and the total amount that was deposited as Income Tax. Whereas, Form 16A is to certify the TDS amount for non-salary earnings of an individual.
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If your withdrawal is between 50,000 and Rs 2.5 lakh, no TDS would be cut if PAN is provided or Form 15G/H is submitted (if applicable). Form 15 H/G apply if your income is below the taxable limit of 2,50,000. For amounts, more than 2.5 lakh TDS would be deducted at 10% if PAN is provided.
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Tds return is required to be filed on quarterly basis. TDS CERTIFICATE : Salaries: Certificate is to be issued in Form 16 containing details of TDS Payment, tax deducted at source and tax calculation based on which TDS was estimated. The certificate should be issued within 31st May of next financial year.