Retention amount

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PRAMOD KARANDE (Querist)
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17 March 2015 X company deduct retention amount from employee salary on monthly basis and invest in recurring deposit for five years than what is taxability for company and employee at the time of maturity.

Amol S Joglekar

Amol S Joglekar (Expert)
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17 March 2015 If the recurring deposit account is opened in the names of EMPLOYEEs respectively, the interest thereon is taxable in the hands of respective employees.
If the recurring deposit account is in the name of company, the interest thereon shall be taxable in the hands of company (Employer)

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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17 March 2015 completely agreed with amol sir's view.

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