Tds on salary's

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CA Aditya (Querist)

04 December 2012 Dear Experts,

Could anyone help me out from following..

1) What is exact procedure to recover the TDS from employees from employees
2)We have some employes who has join from other organizations & now having salary aroung 10 lacs . how could i recover TDS from them i.e should i consider the previous employer TDS & salary or not
3) What is my liability if Employer not giver form 16 of old employee( how it works practically because f-16 would come in May only)

Best Regards
Aditya

CA bhargava

CA bhargava (Expert)

04 December 2012 Aditya, TDS should be calculated and deducted by the company from his pay..,
the amount of TDS is the actual tax liability which he will be liable to pay.,
as far as i am concerned., if any employee if previously employed., it may not be considered., and u shall deduct TDS which will be applicable to your company only.

Venkat Rao Marella

Venkat Rao Marella (Expert)

04 December 2012 Aditya,
1. you maintain a separate tracker with details of each employee, tax calculation per month and accordingly you deduct the tax.
2. Even though the employee join from other organisations during mid of the year, you have to deduct tax for them by arriving at the full year income tax liability by taking into consideration income from old employers(s) + Income they earn from your company from the date of joining to March. Similarly, you calculate tax on the total income so arrived at as per Income Tax Act. You deduct the tax deducted form his old employer(s) from the tax calculated by you for the full year. Balance tax, you have to deduct for the remaining months.
3. Form 16 will be given only in May, but the employers will give the year to date tax computation statement showing line item wise breakup of earnings and deductions.

@VaibhavJ

@VaibhavJ (Expert)

04 December 2012 Hi

If emplouee join in between then you have to collect form 12B as a proof agst Previous Income.

If an employee is not submitting form 12B then till time he submits the same you have to assume that it is his first employment and TAX to be calculated on income to be earned in your company and also deduction agaisnt Investment to be allowed pro-rata from date of joining.

Thanks//Vaibhav
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CA Aditya

CA Aditya (Querist)

04 December 2012 Thank you so much all of friends....

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