Tds on salary

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

23 May 2012 MR A is employee of pvt ltd company his gross salary was 40000 for FY 2011-12 and taking into account his savings tds was made at Rs 1600. Now From April 2012 the salary is 80000, as salary is increased TDS should be deducted were the amount of Tax Deducted is more than 1600. Mr A asks the company to deduct the shortfall of TDS in the month of Jan 13. whether the company can agree for Mr A contention or the company should deducted the applicable tax for the month of April 12

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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23 May 2012 TDS on salary is to be deducted on a monthly basis.

In this case, Mr A can provide a higher estimated saving figure so that TDS will be less. At the year end, TDS will be calculated on the basis of actual savings which will account for the shortfall.

Querist : Anonymous

Querist : Anonymous (Querist)

23 May 2012 no in the above case Mr A maximum savings is exhausted u/s 80C and 80D for FY 2011-12 its self so for FY 2012-13 though savings is made he cant claim any deductions

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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23 May 2012 Then the TDS will have to be deducted on a monthly basis and cannot be postponed.

Querist : Anonymous

Querist : Anonymous (Querist)

23 May 2012 ok thank you for reply

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