Tds fy 2011-12

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Guest

Guest (Querist)

15 November 2011 Dear Experts,

Pls guide for follwing :

1- If the person has joined in the middle of the year say August; so while
calculating TDS to be deducted from his salary; earning from his previous
employer is to be considered to arrive at approximate yearly income of an
employee? and earning should be net or gross?

2- What would be the Company's liability for not dedcuting TDS of any employee
who left job and SIPL didnt deduct TDS on salary if
a) his net earning from company was great than Rs 1,80,000/- (for the
months he worked) -

b) his net earning from company was less than Rs 1,80,000/- (proporationate
for the year is greater than 1,80,000/-)

Thanks in advance!

Rajnish Singh

Rajnish Singh (Expert)

16 November 2011 Dear Author,

You should take Declaration from the employee about there previous employment and Tax Deducation made there.

His Previously Income also includ at the time of calculation and pay tax to the goverment.

If one employee has left and there salary is liable for deduction of tds , in that case company has to pay otherwise at a time of assessment that particular pendecy or demand will be raised.

Guest

Guest (Querist)

16 November 2011 What will be the case if an Employee has left job say in August and his package agreed was greater than basic exemption of Rs 1,80,000/- whereby his salary didnt cross Rs1,80,000/-. Company also didnt deduct TDS. Still company will be asked to pay TDS on assessment?

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