Savings u/s 80c
This query is : Resolved
24 April 2012
Sir, we as an Employer Deducting Tax from Employee Salary in a financial year as per the savings provided by the Employee under 80C, if the Employee does not show full exempted Amount Rs 1,00,000/- under 80C at the end of the Financial year. but we have deducted tax on Rs1,00,000/- savings. & we have shown in 24Q. As as Employer how we will submit the Difference amt tax, when the financial year has been closed. plz suggest me. fine will imposed on the Employee or not, if yes what is the procedure.
24 April 2012
If Employee does not submit the proof then Employer can deduct the TDS amount on remaining balance by March.
Employee can claim the same later on as Refund if he is able to show the investment u/s 80C via his return filling.
Thanks
Mihir Doshi
Employee can claim the same later on as Refund if he is able to show the investment u/s 80C via his return filling.
Thanks
Mihir Doshi
24 April 2012
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