Salary
This query is : Resolved
22 December 2014
Mr A (Prop) of XYZ has paid salary to 1 employee every month in FY 2012-13 but not deduted the TDS each month on 31.3.13 he deducted tds on total salary and paid on 7.4.13.
Salary 250000/-
Tds 25000/-
Is there is any problem in this case.
Kindly rply us on urgent
If there is problem kindly us suggestion what to do?
Salary 250000/-
Tds 25000/-
Is there is any problem in this case.
Kindly rply us on urgent
If there is problem kindly us suggestion what to do?
CA R SEETHARAMAN
(Expert)
22 December 2014
Salary TDS to be made monthly considering yearly salary and yearly deductions on proposed savings. If proposed savings not materialized TDS will be made in March. The above case will not be a problem if you say savings not materialized hence TDS made in March.
Rupesh Jain
(Expert)
22 December 2014
YOU HAVE TO TAKE INVESTMENT DECLARATION FORM AND PROOF OF INVESTMENT FROM THE EMPLOYEE AFTER THAT NO TAXLIABILITY REMINING THEN NO TAX AX TO BE DEPSITED.
IF YOU DEDUCT THE TAX IN MARCH DUE TO EMPLOYEE NOT TO SUBMIT THE PROOF OF INVESTMENT THEN DEPOTI THE SAME THERE IS NO PROBLEM FOR YOU
IF YOU DEDUCT THE TAX IN MARCH DUE TO EMPLOYEE NOT TO SUBMIT THE PROOF OF INVESTMENT THEN DEPOTI THE SAME THERE IS NO PROBLEM FOR YOU
Rupesh Jain
(Expert)
22 December 2014
YOU HAVE TO TAKE INVESTMENT DECLARATION FORM AND PROOF OF INVESTMENT FROM THE EMPLOYEE AFTER THAT NO TAXLIABILITY REMINING THEN NO TAX AX TO BE DEPSITED.
IF YOU DEDUCT THE TAX IN MARCH DUE TO EMPLOYEE NOT TO SUBMIT THE PROOF OF INVESTMENT THEN DEPOTI THE SAME THERE IS NO PROBLEM FOR YOU
IF YOU DEDUCT THE TAX IN MARCH DUE TO EMPLOYEE NOT TO SUBMIT THE PROOF OF INVESTMENT THEN DEPOTI THE SAME THERE IS NO PROBLEM FOR YOU
Rupesh Jain
(Expert)
22 December 2014
tds of march -2014 due date is 30.4.2014 then no intt arise due to late deposit.
CA R SEETHARAMAN
(Expert)
22 December 2014
No interest applicable if you take investment declaration.
CA R SEETHARAMAN
(Expert)
22 December 2014
It is a letter from the individual during the beginning of the year about probable savings.
22 December 2014
prop has not taken the declaration in my case but at the time of deduting tds on 31.3.13 employee has said i have invest of 100000.00.
what to do
what to do
CA R SEETHARAMAN
(Expert)
22 December 2014
You can refund the TDS already made.
22 December 2014
but sir i have consideration investment of 100000.00 in calculation of tds.
CA R SEETHARAMAN
(Expert)
22 December 2014
For 250000 salary savings is 100000 no need to deduct any TDS.
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