Monthly tds on salary
This query is : Resolved
19 August 2014
Suppose a employee has a salary of 600000
In the month of June 2013 he says to me that do not deduct tds as he has enough savings/HRA to be claimed
In the month of February 2014 he says that due to some reasons he could not invest as per his commitment neither he is providing any tds receipt
he says that deduct tds as much as you want from months of Feb & March
Now tds liability for the person is
600000
less conv allwanace 9600
taxable salary 590400
tax liability 49525
now i have deducted total tds in two months of feb & march
whether any interest liability will arise on employer's part as no tds was deducted during first 10 months(Apr to Jan'14)
pl confirm
In the month of June 2013 he says to me that do not deduct tds as he has enough savings/HRA to be claimed
In the month of February 2014 he says that due to some reasons he could not invest as per his commitment neither he is providing any tds receipt
he says that deduct tds as much as you want from months of Feb & March
Now tds liability for the person is
600000
less conv allwanace 9600
taxable salary 590400
tax liability 49525
now i have deducted total tds in two months of feb & march
whether any interest liability will arise on employer's part as no tds was deducted during first 10 months(Apr to Jan'14)
pl confirm
19 August 2014
Dear Dheeraj,
No, there will be no interest liability for the said period of 10 months. Interest will be applicable from the date tax deducted to the date of payment (if it is not deposited with gov. within due date)
Make sure all other exempted allowances are taken into account while deducting tax.
No, there will be no interest liability for the said period of 10 months. Interest will be applicable from the date tax deducted to the date of payment (if it is not deposited with gov. within due date)
Make sure all other exempted allowances are taken into account while deducting tax.
19 August 2014
no there is no intt. liability.. u already deduct the tds and deposited with in due date.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Treatment of Pension ?annuity returns on PMVY
- ITR filing- non tax audit cases- Asstt.Year 2026-2027
- Soyabean hsn code and gst rate
- TAN for Partnership
- NON- SUBMISSION OF LLP FORM 3
- Long Term Service award taxability in hands of company
- What is provisional receipt number for generation of form 16A
- Last year TDS Claim
- CA IPCC Registeration in 2012, Is my registration Active or Expired
- LTCG for Assmt year 26-27
- Form 27Q Correction statement taking too long to update on IT Portal
- ITR selection for salaries and capital gain less than L
- Showing Gift from relative in ITR for this year
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Small dealers gst returns filing
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
