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TDS on Salary (one challan for 4 Quarters)

sameer (accountant) (30 Points)

13 April 2010

If TDS on Salary deducted on 31-03-2010 for hole year by single challan i.e. (salary around 300000pa. separately payment made monthly basis without tds Rs. 25000) what will be impact on tds return for all four quarters the same is pending (The first three quarter should file nil return and in last quarter to be shown to gross amount)

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15 Replies

Sweta Jalan (Company Secretary) (177 Points)
Replied 22 April 2010

Ya, you should file nil return for the 1st three quarters as not tds deducted. For the last qtr u can file the return upto 15th june 2010 for tds deducted and deposited.

CA Pankaj Warke (Fin Man) (268 Points)
Replied 22 April 2010

Dear Sameer,

I dont find any provision under the Act for depositing the TDS at once in the year end. The liability under Section 192 arises as soon as you have credited or paid the salary (whichever is earlier).

So I think its better to file the quarterly returns deducting Tax from the salary for those respective periods and pay the TDS alongwith interest for the respective periods and NOT to file NIL returns.

Bimal Thacker (Proprietor) (762 Points)
Replied 22 April 2010

Originally posted by : CA Pankaj Warke
	Dear Sameer, I dont find any provision under the Act for depositing the TDS at once in the year end. The liability under Section 192 arises as soon as you have credited or paid the salary (whichever is earlier). So I think its better to file the quarterly returns deducting Tax from the salary for those respective periods and pay the TDS alongwith interest for the respective periods and NOT to file NIL returns.

Dear Pankaj you are right. However it is better to go as per suggestion of Sweta Jalan. It will only considered as late deduction of TDS. However penalty for late filling will not arise.

CA Pankaj Warke (Fin Man) (268 Points)
Replied 22 April 2010

Dear Bimal,

I think the penalty for late filing arises irrespective of TDS amount.

So it can not be the excuse.

Please give your opinion.

Bimal Thacker (Proprietor) (762 Points)
Replied 23 April 2010

Dear Pankaj,

As the tax has not deducted in respactive quarter and deducted at the end then how the same can be incorporated in first three quarter return? I think In 4th quarter the same should be incorporated and TDS should be deposited with Interest payment.

There may be due to declaration of employee about investment the tax liabilities not arise, but at the end if the investment has not made or details not submitted and Tax deducted it should be in last quarter return.

Penalty for Late filling is 100 per day of failure but maximum Tax amount, when TDS is zero then it should be Zero.

There may be other openion also.

Om Prakash Singh (Account Executive) (30 Points)
Replied 04 April 2011

sir i want to know the basic of tds and tcs and filling challan and claim , step by step so please share any doc . file of tds. om tomar

Rahul Agarwal (Future CA) (217 Points)
Replied 04 April 2011

In 4th qtr return it will be shown and it will not affect the previous 3 qtr return.

Say if there is tax liability then pay interest on that tax and submit the return accordingly.

dinesh sharma (Accounts Manager) (81 Points)
Replied 05 April 2011

dear friends,

please find the computation for fy 2010-2011

Attached File : 56 automated form 16 for assessment year 2011 12.xls downloaded: 329 times

Satyendra Mandal (Accountant) (21 Points)
Replied 06 May 2011

tds challan for salary

manoj Kumar (Sr Accountant) (49 Points)
Replied 25 April 2012

Hello to all

i have a small doubt during fill the TDS Q4 annexure -ii form

plse advice me how to fill the annexure -II form,

there are two deduction, 1) deduction 16(ii), 2)deduction 16(iii)

whats the two deductions, I think one for HRA, what a 2nd one (Conveyance + Medical Allowance+PT)

plse solve my problem sir

thanks in advance

manu

CA Pankaj Warke (Fin Man) (268 Points)
Replied 26 April 2012

Dear Manoj,

THe deductions under section 16 are as follows:

S.16(i) : a deduction in respect of any allowance in the nature of an entertainment allowance specifically granted by an employer to the assessee who is in receipt of a salary from the Government, a sum equal to one-fifth of his salary (exclusive of any allowance, benefit or other perquisite) or five thousand rupees, whichever is less;]

and

S.16(ii) : a deduction of any sum paid by the assessee on account of a tax on employment

HRA , Conveyance allowance and Medical reimbursements are exempt to the extent of specified limits under Section 10 of the IT Act.

Hope this will be helpful to you.

Pankaj

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manoj Kumar (Sr Accountant) (49 Points)
Replied 26 April 2012

Dear Pankaj Warke Sir,

Hope you are doing great....

thanks for your advice sir its so useful to me,

i have an doubt sir, Deduction 16(ii) when i fill HRA, Conveyance, Medical & PT Also Sir

Small Example Sir,

My MD Sir Salary is Rs. 60,000/- p.m

H.R.A is Rs. 24,000/- p.m

Conveyance Rs. 800/- p.m

Medical Allowance Rs. 1,250/- p.m

PT is Rs. 200/- p.m

how much exemption in above said heads

How much can i write Deduction 16 (ii) HRA, Conveyance, Medical & PT.

thanks with regards

manu

Aparna Raja K.C (Student) (520 Points)
Replied 26 April 2012

HRA deductable will be determined as the least of the following ;-

a) Actual HRA paid

b) 50% of basic sal(if living in any metro city) else 40%

c) Excess of rent paid over 10% of salary

Maximum Converyance expense that can be claimed is Rs. 800 p.m.

and as per section 17(2) medical expenses reimbursed is not chargable to tax upto rs. 15000where as fixed medical allowance is fully taxable.

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CA Pankaj Warke (Fin Man) (268 Points)
Replied 27 April 2012

Dear Manoj,

The amounts exempt are very correctly mentioned by Aparna.

I have attached sample Form 16 for ur reference. In that I have highlighted the deduction heads where you need to put the deductible amounts as explained by Aparna.

Hope it helps u.

Regards,

Pankaj

Attached File : 87050 971524 form16 mar 2012.xls downloaded: 127 times

1 Like