TDS DEDUCTION

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This query is : Resolved

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If your salary is £370,000 and your employer hasn't deducted TDS, it's likely because your taxable income is below the threshold. After standard deductions and potential rebates like Section 87A, your tax liability might be zero. However, to claim these benefits, you must still file an Income Tax Return (ITR) to declare your income and eligible deductions.

CHETAN

CHETAN (Querist)

19 May 2020 one of my friend who is an employee in a privtate company having 370000 as salary but company has not deducted any money as TDS. is this kind of default done by the company

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

19 May 2020 Your friend may be shown some savings that's why the company not deducted TDS.

CHETAN

CHETAN (Querist)

19 May 2020 He show nothing as investment. That's why he's worried. can company do so. Last time he received, form 16 from the company.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

19 May 2020 After considering standard deduction of 50,000 and pf savings tax deduction may not arise.

swasti

swasti (Expert)

20 May 2020 Also upto Rs 500000, there is no tax because of 87A deduction.

Gokul Sharma

Gokul Sharma (Expert)

20 May 2020 YES NO TAX UPTO RS 500000 .........
NO DEFAULT FROM COMPANY.

Aashok Kumar Sharma

Aashok Kumar Sharma

(Expert)

25 May 2020 The company is not at fault. But to claim the 87 rebate or any deduction under Income Tax the assesses have to file ITR for the said FY showing all the eligible incomes and deductions and claim rebate as applicable. Assesses can not just sit at home and dream about that they are not at fault as their total income after investments and deductions falls below basic exemptions limit of Income Tax so they are not liable to file an ITR.

IT specifically states that for claiming any deductions and rebates ITR needs to be file otherwise no deductions/claim/rebates/carry forward of losses are allowed.

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