Advance Tax [TDS]

This query is : Resolved

GOS (Querist)
Follow

03 February 2011 1] I would like to know that, whether it is compulsory for the employer to recover advance income tax [TDS] from the salary payments to their employees those come under taxable salaried income every month from the beginning of the FY and finalise it in the March month and give TDS certificates to their employees at the end of the year.

2] Financial Institutions – banks, etc, must issue the TDS certificates on interest income [TDS on interest on deposits] to their customers on quarterly basis, immediately after e-filling/book entry of their quarterly TDS returns, or whether they can issue the consolidated TDS certificate to their customers after the completion of the FY.

C.A.Javid Patel

C.A.Javid Patel (Expert)
Follow

04 February 2011 1. For sary return the deduction can be done in the march also. Not Necessary in every month. And TDS certificate you can give at the end of the year.

2. In case of bank it is compulsory to give consolidated Quarterly figures. Yerly certificate now not allowed.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now