Query regarding tds
This query is : Open
15 March 2021
I have received intimation regarding short deduction on tds in salary form 24q. My question is that what payment amount I should take for that part of the tds as it is calculated on slab wise. kindly help on this matter.
15 March 2021
1) Compute income under the head salaries (including salary from previous employer if any, but after exemptions/deductions, such as HRA exemption, PT deduction etc)
2) Add other income (like housing loan interest, interest income) declared, if any, by the employee
3) Consider deductions under chapter VIA to get total taxable income
4) Computer income tax on such taxable income
For more details: refer form 24Q Annex II (Salary details)
2) Add other income (like housing loan interest, interest income) declared, if any, by the employee
3) Consider deductions under chapter VIA to get total taxable income
4) Computer income tax on such taxable income
For more details: refer form 24Q Annex II (Salary details)
15 March 2021
Can you explain it with example?
16 March 2021
See if this helps you: https://help.tallysolutions.com/article/Tally.ERP9/Payroll/Annexure_II_to_24Q.htm
19 March 2021
Ok, There is a short deduction of Rs. 13,520. now, How we will adjust that short deduction if i don't want to upload lower deduction certificate.
19 March 2021
You have to pay the extra TDS by a challan to remove that short deduction. You can also amend the salary details filed in Q4 if it is allowing you.
19 March 2021
For example, My total taxable income in salary is Rs. 210966 and tds required to be deducted is Rs. 5250 but I have deducted tds only for Rs. 2520. Now I have a short deduction of Rs. 2730. My taxable income is remaining same and I have paid challan for this short deduction but which amount I should take as a 'PAYMENT CREDITED' for that part of tds.
22 March 2021
You need to pay tax (which is short deducted) along with interest and add the challan on the traces portal.
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