23 December 2015
I am working in an Organization in payroll section. I have got a doubt an employee in our organization deposited in a bank and the bank certified that Rs.93905 after deducting eligible TDS out of which Rs.84514 has been credited to customer acct. he submitted that certificate. My payroll officer has taken the Rs.93905 into the account he added that amount to income from Other sources but the software is adding the Rs.93905 and calculating Tax again for this amount Rs.93905 TDS already deducted by the bank. I am thinking that this is double taxation please advice me?
23 December 2015
Income From other source to be calculated Gross Including TDs i.e.Rs.93905/ interest - What ever Tds Deducted 10% will be adjusted from your Income Tax liability.
CAclubindia
