Short deduction of income tax

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Nag (Querist)

12 April 2014 Hi Friends,
While deducting the Income Tax from employees salary for March 2014 by mistake we have not deducted Rs.2100 from one employee. We realized the mistake in April this year. Now the employee is ready to pay now. How to file quarterly etds returns for Form 24Q?

I forgot to mention that all our previous year transactions are closed now. I mean we cannot transact previous year entries in any manner. Whatever we do, we can only make entries in the present year (2014-2015).

Employee is ready to pay the income tax due right now.

How to overcome this problem.
please guide me.

Rupesh Jain

Rupesh Jain (Expert)

12 April 2014 you have sufficient time to deposit the TDs and return of TDS 24Q due date is 15.5.2014 and and due date of tax deposit is 30.4.2014

now you can deduct the tax and recover from the employee in next month.

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)

12 April 2014 Don't worry pay that amount now on the TAN number of the employer as by passing entry in the books on 31-3-2014 as TDS amount collected from the employee and while filing of form 24Q indicate tax paid details in 2 chalanas for March-14.

OM SAI SRI SAI JAI JAI SAI

Vipin Kumar

Vipin Kumar (Expert)

14 April 2014 Dear please note that tds deposited in addition to salary will also amount to further liability of tds deduction on such advance salary payment.
I.e. grossing concept. because tds is a benefit being given to employee and is considered under advance salary.
and any payment under salary is liable for tax when paid or accured whichever earlier.

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