Tds on salary
This query is : Open
02 August 2013
WE ARE DEDUCTING APPLICABLE TDS ON SALARY IN EQUAL MONTHLY INSTALMENTS FROM SALARY OF EMPLOYEES.
NOW INSTEAD OF DEDUCTING FROM MONTHLY SALARY CAN WE ADJUST MONTHLY TDS AGAINST ANNUAL BENEFITS DUE BUT NOT RECEIVED FROM COMPANY BY PASSING ACCOUNT JOURNAL VOUCHER. Is there any adverse complication for doing this ?
urgent please
NOW INSTEAD OF DEDUCTING FROM MONTHLY SALARY CAN WE ADJUST MONTHLY TDS AGAINST ANNUAL BENEFITS DUE BUT NOT RECEIVED FROM COMPANY BY PASSING ACCOUNT JOURNAL VOUCHER. Is there any adverse complication for doing this ?
urgent please
02 August 2013
no you cannot, as by virtue of law u need to deduct tds from salary and remitt back to cg.
you cannot adjust this amount as its statutorily required by law to be decuted.
you cannot adjust this amount as its statutorily required by law to be decuted.
02 August 2013
Respected Sir,
We will deposit TDS to Income Tax department as per rules.
only changes is instead of deducting TDS aginst monthly salary we will adjust this amount aginst due annual benefit pending with company.
We will deposit TDS to Income Tax department as per rules.
only changes is instead of deducting TDS aginst monthly salary we will adjust this amount aginst due annual benefit pending with company.
02 August 2013
not allowed refer sec 192 while making payment you need to deduct u cant adjust as u have referd above.
evry month by 7th u need to pay to cg the taxes deducted in prev month.else int and penalty may be levied.
u also need to file tds return evry quarter.
what about all dis? how will u adjust them.
evry month by 7th u need to pay to cg the taxes deducted in prev month.else int and penalty may be levied.
u also need to file tds return evry quarter.
what about all dis? how will u adjust them.
02 August 2013
please understand salary structure of x co p ltd is basic + hra+ allowances+reimburshments+ LTA [which is payable on annual basis]
Here in above case instaed of deducting TDS from monthly salary i.e. basic+hra+allo+etc. we will pass accounting entry in books say Debit Prov. for LTA [due for payment] and cerdit to TDS salary account, on next month 7 we will make the payment of TDS to CG. No default in statutory liability, only internal accounting adjustments by which employee will get benefitted only by getting monthly excess take home salary.
please advice
Here in above case instaed of deducting TDS from monthly salary i.e. basic+hra+allo+etc. we will pass accounting entry in books say Debit Prov. for LTA [due for payment] and cerdit to TDS salary account, on next month 7 we will make the payment of TDS to CG. No default in statutory liability, only internal accounting adjustments by which employee will get benefitted only by getting monthly excess take home salary.
please advice
03 August 2013
Your query says the employer paying the TDS on behalf of employee monthly and deducting on year end totally from employee against the annual benefits.
My view, as TDS compliance part is ok.
My view, as TDS compliance part is ok.
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