Tds on salary

This query is : Resolved

Naveen Chand Khulve (Querist)
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13 July 2012 In case TDS on salary is not being deducted for April’12 and May’12 but in the month of June’12 TDS is deducted on prorata basis then whether company is liable to pay interest on late deposit for not deducting tax for first 2 months.
Further how it will show in the TDS return.

CA CS Amit S. Kedia

CA CS Amit S. Kedia (Expert)
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13 July 2012 Read section 192 carefully..
Section 192(3) says that the person responsible for making the payment of salary may, at the time of making any deduction, increase or reduce the amount to be deducted under this section for the purpose of adjusting any excess or deficiency arising out of any previous deduction or failure to deduct during the financial year.
Hence Interest is not chargeable in this case.

CA PRAVEEN SINGH

CA PRAVEEN SINGH (Expert)
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13 July 2012 YES..
It the responsibility of company for proper deduction of tds & deposit in govt a/c on the timely basis.

EVERY DEDUCTOR HAVE TO COMPLY ACT.OTHERWISE LIABLE FOR INTEREST.

CA PRAVEEN SINGH

CA PRAVEEN SINGH (Expert)
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13 July 2012 Adjustment for Excess or Shortfall of Deduction:
3.8 The provisions of sub-section (3) of Section 192 allow the deductor to make
adjustments for any excess or shortfall in the deduction of tax already made during the
financial year, in subsequent deductions for that employee within that financial year
itself

Deductor have a right to adjust short or excess deduction of TDS

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