Investment Declaration

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MUKESH RANA (Querist)
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21 October 2008 Sir, I am working as an Asst Manager in MNC (Accounts). I want to know that is there any provision for employees investment declaration filling date. As we are facing problem that employees those have not filled their decl on or before due date, they want get consider even if they are filing after our prescribed date and asking that what is prob. I need to about prov. Kindly help.
Regadrs

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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21 October 2008 For deducting tax from salary employees are supposed to give the details of investments in tax savings schemes in time. Company should fix a cut off date for the same and strict instructions may be given to employees to comply with in the stipulated date. Otherwise tax deduction will not be correct.Only way out is to make the employees
convinced about the consequences.

S.Srinivasaraghavan

S.Srinivasaraghavan (Expert)
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21 October 2008 The employer's liability to TDS is not excused if employees fail to adhere to their declaration. The best way to handle it is to give a deadline that is comfortable to the employer should there be a failure he is left with enough number of months to complete the deduction.

MUKESH RANA

MUKESH RANA (Querist)
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29 October 2008 Thanks alotttt sir,

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