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TDS ON Salary

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Querist : Anonymous

Querist : Anonymous (Querist)

01 June 2011 Is TDS on Salary deducted to be filed at end of every Quarter OR is it to be filed at end of the FY??? What happens if the TDS is shown as deduction as per the Investment Declaration form of Employee and later on the Employee submits proof of Investment and claims Nil Returns/Refund on the deduction? do we adjust all the above in his Feb-March Salary?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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01 June 2011 TDS on salary to be deposited every month.
For furnishing the details to hte department . quarterly TDS Return filing is required.

TDS can be adjusted during the year for excess or lesser deductions.

If the employee furnishes proof of investment and as such has no liability to pay tax , he will get credit for TDS deducted earlier in his Return and as such not require any adjustment in his salary for the last 2 months as referred by you.

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