Monthly tds on salary
This query is : Resolved
dheeraj kumar
(Querist)
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.
Rupesh Jain
(Expert)
19 August 2014
no there is no intt. liability.. u already deduct the tds and deposited with in due date.
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