Tds deduction after allotment of tan.
This query is : Resolved
Meenu Agarwal
(Querist)
06 August 2012
A company has got incorporated on 19.06.2012 and before its incorporation was paying salary to its employees cum director. the company has applied for TAn on 21.06.2012 and allotted TAN on 26.07.2012. Whether the company needs to pay TDS before 7.08.2012? Does the company needs to pay interest for salary paid for the month of june.
CA PARAS BAFNA
(Expert)
06 August 2012
Please check the amount of Salary Paid to the employee.
.
In case the amount is below the taxable limit i.e. 2.00 lac, you would not require to pay any interest.
.
The TAN No has been obtained for the very purpose of TDS matters only. It is workable and becomes effective as and when it is issued. If the director-cum-employee will be retained by the co. , then start deducting Tax on his salary by averaging out his total Tax Liability.
.
.
In case the amount is below the taxable limit i.e. 2.00 lac, you would not require to pay any interest.
.
The TAN No has been obtained for the very purpose of TDS matters only. It is workable and becomes effective as and when it is issued. If the director-cum-employee will be retained by the co. , then start deducting Tax on his salary by averaging out his total Tax Liability.
.
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