I pay salary to some employees under my proprietorship (IT services only business) and get the audit done. But is it required for me to deduct TDS on salary of employees for whom salary is below INR 5,00,000 per financial year?
Thanks for answering. So if their other income is above 5 Lacs including FD interest, etc. then am I liable? In what format I should get this declaration?
02 December 2021
The Form 12BB is a statement of claims by an employee for deduction of tax. ... Using Form 12BB, an employee has to declare the investments that they have made during the year. Documentary evidence of these investments and expenses have to be provided at the end of the financial year as well.
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