18 July 2012
hi to all My query is....... one employee worked in a company for 6 months.and the employer deducted TDS at 10%. after that he joined in a New company. the new company is also deducted TDS at 10% because his salary in the both companies have not exceeded 350000. But if we club the salaries Its about 650000. My doubt is The aforementioned companies deducted only 10% TDS. But the employee is in 20% Slab. Is he required to pay any fine or Interest?
18 July 2012
Mr.R, the ultimate responsibility is vests with the assessee not on the part of employer. secondly, the employee has to submit the annual income details to the last employer invariably enable the employer has to deduct the required TDS from the salaries. the only fault with the employee is to pay interest u/s 234B and 234C
CAclubindia
