TDS on salaries

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Preeti Agarwal (Querist)
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10 June 2008 I want to know, that if TDS on salaries for P.Y. 2007-08 has not been deducted upto March'08, can it be deducted in F.Y. 2008-09 & if yes upto what date? Also will the totol salary so paid be then allowed as expense of P.Y. 07-08?

Preeti Agarwal

Preeti Agarwal (Querist)
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10 June 2008 I need help, thanks

Shyam Lal Naik

Shyam Lal Naik (Expert)
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10 June 2008 Yes. You can deduct TDS as applicable and make the provisions. Pay the TDS along with interest.

There is no deadline, beyond which you can not remit the tax. How ever, it would have been better had it been deposited before 30th of April(30/04 being the last date for issuing TDS certificate)

The salary paid will be allowed as expense. The disallowance provisions is not applicable to salary. It will be allowed, whether you pay the TDS or not.

Preeti Agarwal

Preeti Agarwal (Querist)
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10 June 2008 Thankyou so Mr Shyam L. Naik. But please let me know what is the rate of interest & if i submit in this month i.e. June '08, upto what date i have to pay interest? Will that interest be born by employee or employer for late deduction? Also what would be the treatment of that interest in books of employer?

Please clarify me the consequence of not deducting TDS on salaries?

Shyam Lal Naik

Shyam Lal Naik (Expert)
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10 June 2008 Already answered as ans to fresh query.

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