tds on salary

This query is : Resolved

kamal sood (Querist)
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05 July 2010 pls advise whether is it necessary to deduct tds on salary on monthly basis. if we deduct the total tds of an employee in the month of march, whether we have to pay interest or not.

i m asking that query because in most of the cases employees give their IT declaration form after january and if we deduct their tds which actually not to due to savings by employee but submitted lately, employees got angry.

pls advise.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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05 July 2010 TDS on salary need to deduct monthly. Incase total you are deducting in the month of march you need to pay with interest what ever not deducted from April-Feb

DR GAURAV GUPTA FCA, FCS, LL.B

DR GAURAV GUPTA FCA, FCS, LL.B (Expert)
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05 July 2010 it is required to be deducted on monthly basis as per section 192 of income tax act however if it is deducted at once then interest is required to be paid

CA.ViVeK M ACA

CA.ViVeK M ACA (Expert)
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05 July 2010 1.As per Section 192 TDS on salary required to be deducted on monthly basis.

2.if you choose to deduct the TDS at lump sum basis, You need to bear a heavy tax burden at the end of the financial year and also need to bear interest on TDS

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