Negative income under the head of salary
Querist : Anonymous
on Assessment of TDS, it is found that some TDS has been short deducted and deposited accordingly A.O. raised the Notice of Demand for short amount of TDS along with penalty and interest. Company recovered the same from the employee who was responsible for deducting TDS. Now question is that whether, the amount so recovered from employee is deductible from his taxable salary or not?
Salary is taxable on due basis or receipt basis which ever is earlier. Only the prescribed allowances are deductible and no other deduction is permissible.
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Querist : Anonymous
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