tds
This query is : Resolved
01 May 2010
i am filling form 16 for the year 2009-10 the employee salary exceeded 160000/- in the month april 2009 when i asked my employee about the deduction under 80- c he said i will paylife insurance premium in the the month of march -2010 but he could not do so in this case i had to deducted the tax from the the april -2009 now what i have to do should i deduct tax. his salary is for the year is 170000/- it mean his salary is rs. 10000/- excedded taxable slab now his tax is 1000/- @ 10 % but when i deduct tax now should i have given any interest on it becaouse which tax haave dedected in april -2009 i am deducting it in the month of march -2010. for calarification if i would have dedduct tax in april -2009 then no any interest levy so please teel me what should i do ?
01 May 2010
YOU MAKE TDS ENTRY IN MARCH.
PAY THE TDS WITH INTEREST @1% P.A.
IF YOU PAY IN MAY INTEREST @ 3%.
1030+(3% OF 1030)
PAY THE TDS WITH INTEREST @1% P.A.
IF YOU PAY IN MAY INTEREST @ 3%.
1030+(3% OF 1030)
01 May 2010
My view, not necessary to pay interest in this case, if you are deducted the TDS in the month of April-2009 but not paid up tp March-2010 such case interest is applicable.but you are deducting the tds in the month of march-2010 only so no required to pay interest. employer has to consider the employees declaration form and based on that need to calculate tax and deduct tds. so you done your duty corretly. thisw because of employees mistake and justifiable reason also
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Opting our of sec 44AD
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Value of property in capital gain
- LC charges in relation to Asset purchased should be Capitalised ?
- Copyright software
- Regarding TDS Applicability For Director Remuneration
- Regarding appeal to GSTAT
- SALE OF MOTOR CAR BY REGISTERED INDIVIDUAL
- Multiple trade mark
- Transporter Declaration form
- Form 121 & TDS deduction
- Taxation on Swing Trading Income (No Other Income)
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
