Tds deduction but pay full amount

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ANKIT MUNOT (Querist)
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06 March 2013 It is possible that a company deducts TDS of an employee and pays full Amount to Employee by creating an Employees loan A/c of the same Amount (TDS) and recover the TDS Amount in next year (April). Is it valid.

CA Suraj Lakhotia

CA Suraj Lakhotia (Expert)
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06 March 2013 It would be valid arrangement.

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CA Ayush Agarwal

CA Ayush Agarwal (Expert)
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06 March 2013 Yes, No Issue.
Issue Arise in income Tax Only When You have Not Paid TDS Monthly to income Tax Department.

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ANKIT MUNOT

ANKIT MUNOT (Querist)
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06 March 2013 But suppose the company has paid the TDS of employee on its own as it has not deducted TDS on time.....

CA Ayush Agarwal

CA Ayush Agarwal (Expert)
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06 March 2013 Then Say TDS Paid by Employer Then TDS Became Taxable Whatever Amount Paid.
As Paid on behalf of Employee.

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ANKIT MUNOT

ANKIT MUNOT (Querist)
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07 March 2013 kk.... It is income for employee and non deductible expenditure for company.... right....

CA Suraj Lakhotia

CA Suraj Lakhotia (Expert)
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07 March 2013 It will be income for employee and would be deductible for company

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