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Tds (Income Tax)

This query is : Resolved

aadish

( Author )
25 July 2012

Dear All

If TDS of any employee is not deducted and company filed the TDS return, what will be the consequences, when employee files his income tax return and pay taxe.

Hope for an eraly reply

Thanks
Aadish

CMA Ramesh Krishnan

( Expert )
25 July 2012

Yes. if the employer not deducted TDS , employee need to pay tax directly before filing the return

CFA Bharath Kumar

( Expert )
25 July 2012

employee pay tax directly . if tds not deducted

aadish

( Author )
25 July 2012

Dear all asked what will be the consequences of not deducting tds on employer ???????????????/

CMA Ramesh Krishnan

( Expert )
25 July 2012

as an employer prospects, while TDS assessment they will be attract penalty for non deduction of TDS the amount equal to TDS amount u/s.271C

aadish

( Author )
26 July 2012

thanks to all

V K Bajaj

( Expert )
26 July 2012

Mr CMA Ramesh Krishnan,

The present system is that if an employee pays his tax liability himself and files Return of Income Tax well in time then Employer will not be fined. However, all depends on amount of tax.

aadish

( Author )
26 July 2012

yaar tds is to be deducted within financial year and employee will pay tax when he file his return .....i think ramesh ji is right.

V K Bajaj

( Expert )
26 July 2012

Mr Aadish!

Yes Mr Ramesh ji right. I talked about penalty.

No doubt employee will pay tax later on while filing ITR. I also quoted that amount of tax also matters.

I never said Mr Ramesh Ji wrong but carried his word onward.

contact@vkbajaj.co.in

aadish

( Author )
26 July 2012

Penalty Clause wiil be there, if employer fails to deduct tax.
Even after employee paid his amount of tax due.