TDS DEDUCTION

This query is : Resolved

CHETAN (Querist)
Follow

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)
Follow

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

CHETAN

CHETAN (Querist)
Follow

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)
Follow

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

swasti

swasti (Expert)
Follow

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

Gokul Sharma

Gokul Sharma (Expert)
Follow

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

Asha Kanta Sharma

Asha Kanta Sharma (Expert)
Follow

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.