Declaration about tds to employer

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This query is : Resolved

A DATTA (Querist)

14 April 2013 WE DEDUCT TAX FROM SALARY UNDER SECTION 192B.
IF ANY EMPLOYEE GIVES DECLARATION ABOUT HIS INVESTMENT WITHOUT COPY OF INVESTMENT OR RENT RECEIPT, IS IT SUFFICIENT FOR EMPLOYER TO FULLFIL HIS OBLIGATION REGARDING TDS ?
IF SO AND SUBSEQUENTLY IF IT IS SEEN DUE TO WRONG DECLARATION EMPLOYER DEDUCT LESS TAX FROM SALARY WHAT WILL BE THE CONSEQUENCE FROM DEPARTMENT.
A DATTA

CA. Nitin Agrawal

CA. Nitin Agrawal (Expert)

14 April 2013 It will be deemed as furnishing inaccurate details in TDS return and penalty ranging from Rs 10,000 to Rs 1,00,000 can be imposed in addition to other consequences like penalty & interest for short payment of TDS.

CA Prashant Shrivastava

CA Prashant Shrivastava (Expert)

14 April 2013 To avoid the penalties etc. the employer collects the tax saving proof from the employees at the year end & falling of which employer deducts the TDS according to the proof submitted by employees.

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