Tds on salary and section 87a
This query is : Resolved
taher nagdi
(Querist)
01 May 2014
ONE OF MY EMPLOYEE HAS A SALARY OF 220000, NOW FOR DEDUCTING HIS TDS WHETHER REBATE U/S 87A SHOULD BE CONSIDER OR NOT.
01 May 2014
Yes it should be considered. Check the format of form 16 from below link--
https://www.caclubindia.com/share_files/files_download.asp?files_id=60941
https://www.caclubindia.com/share_files/files_download.asp?files_id=60941
Rupesh Jain
(Expert)
01 May 2014
yes your employer will give your deduction u/s 87A
01 May 2014
yes from it is allowed in ur case.
Nikhil Kaushik
(Expert)
01 May 2014
Just a question friends. Form 16 (as available at Income-tax website, doesn't provide for 87A deduction). https://law.incometaxindia.gov.in/DITTaxmann/IncomeTaxRules/pdf/itr62Form16.pdf
Nor does Annexure II for Q4 returns (RPU 3.8/3.9)
in such a scenario, though undoubtedly the employee is eligible for the rebate (circular 10 of 2013 also states the same), accounting for this rebate in TDS returns is becoming a pain point, with a risk of getting short deduction notices.
Nor does Annexure II for Q4 returns (RPU 3.8/3.9)
in such a scenario, though undoubtedly the employee is eligible for the rebate (circular 10 of 2013 also states the same), accounting for this rebate in TDS returns is becoming a pain point, with a risk of getting short deduction notices.
taher nagdi
(Querist)
05 May 2014
In the form 16 format provide by Sanjay gupta sir the rebate of 87A is consider but the same is not consider format provide by Nikhil sir, Should I book Salary without deducting TDS??
Nikhil Kaushik
(Expert)
05 May 2014
Dear Taher,
the link I gave is from Income-tax department's official website. The same structure also reflects in tds return. I agree that it is contrary to CBDT's own circular 10/2013. but can't help it. I would advise you to avoid 87A. Let the employee claim on his own. getting a tax refund is an easier task compared to handling short deduction notices.
the link I gave is from Income-tax department's official website. The same structure also reflects in tds return. I agree that it is contrary to CBDT's own circular 10/2013. but can't help it. I would advise you to avoid 87A. Let the employee claim on his own. getting a tax refund is an easier task compared to handling short deduction notices.
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taher nagdi
(Querist)
18 May 2014
Thank you Nikhil Sir
Nikhil Kaushik
(Expert)
18 May 2014
you are welcome Taher...just an update TDSCPC has clarified over emails that they wont issue short deduction notice for 87A cases where short deduction is on account of 87A impact..
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