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    TDS in Salary of the FCI officers

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    pgadurai

    Posts : 35

    TDS in Salary of the FCI officers

    Post by pgadurai on Sat May 05, 2012 8:08 pm

    The Tax Deduction at Source are being made in payment of salary before it reaches the taxable income. The TDS starts from the salary of the month of March / April of the financial year. Whereas the salary paid is not reaching the taxable income for cat IV, III and II.As the exemption limit is of Rs2.00 lakh, the TDS is correct if the income reaches beyond the exemption limit after taking into account of the CPF deduction, declaration of house rent paid and savings etc. Even the cat I officers needto pay TDS only from the salary for the month of May / June of the financial accounting year. The FAP is not having the provision for this arrangement it seems. The TDS may be made after the exemption limit of the 2.00 Lakhs at 10% from 2.00 to 5.00 lakhs and 20% from 5.00 to 10.00 lakhs and so on. This will be helpful for all in particular for the retiring officers in the mid of the financial year by super annuation of by VRS or by resignation.
    May the FCIOA would take up the matter at appropriate level if the above is correct.



    Admin
    Admin

    Posts : 179

    Re: TDS in Salary of the FCI officers

    Post by Admin on Thu May 10, 2012 9:26 am

    As per provisions of the Income Tax Act one is required to pay advance tax equated for every month if the expected tax liability for a given financial year exceeds Rs.5000. All persons are required to furnish savings declaration within 15th March of the previous financial year to avail benefit for the next financial year. The FAP system has provision to include any savings declaration so furnished which computing expected tax liability. For retiring persons also, as retirement date is included in the system, tax projection is done accordingly.

    Earlier at local level some of the drawing and disbursing officers were not following the scpecif provisions of the Act and illegally allowing benefit to the employees in the initial months leading to penalties on FCI. With introduction of FAP, this has been rectified.

    Hence, there is no cause to take up.

    pgadurai

    Posts : 35

    Re: TDS in Salary of the FCI officers

    Post by pgadurai on Thu May 10, 2012 3:59 pm

    Thank you for valuable clarificatios sir.

    pgadurai

    Posts : 35

    Re: TDS in Salary of the FCI officers

    Post by pgadurai on Fri Dec 14, 2012 10:52 pm

    Advance tax schedule: As per income tax rules, 30% of income tax should be paid by 15th Sept, 60% by 15th Dec and rest by 31st March. If its not followed one may be charged interest penalty u/s 234C.


    Read more: http://www.pankajbatra.com/finance/income-tax-calculator-2012-2013-2014/#ixzz2F2eOFjen

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